After the stock market closed today, Apple reported its earnings for the quarter that ended in March. During that period the company sold $50.57 billion worth of iPhone handsets for a 5.5% gain year-over-year. Apple CEO Tim Cook called it a successful quarter, especially with"switchers" or those who had been using an Android handset and is now switching to iOS.
Apple's Services unit which includes Apple Pay, the App Store, Apple Music, Apple Card, Apple Maps,iCloud, Siri, Apple TV+, and more, saw revenue jump 17.28% to $19.82 billion. That topped Wall Street's expectations by only .51% which was well off the 3% to 8% jump over expectations that Apple reported over the last two years.
CFO Maestri warned during the conference call that supply constraints related to COVID 19 could reduce revenue in a range between $4 billion and $8 billion. COVID-related lockdowns are also hurting Apple. Tim Cook said that Apple is not immune to COVID-related supply chain shortages.
Source: News Formal (newsformal.com)
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