Today, Apple released the latest revenue report for its business and categories. After the quarterly call with investors, the report shows a downturn in sales.
During the last year, Apple witnessed a massive sale of iPhones worldwide. However, the company failed the mark for the Q4 earnings report. And despite good numbers, the downturn in sales doesn’t convince investors.
Q4 Earning Report: Downturn In Sales
Apple’s overall revenue grew by 29% ($83.36 billion), while the services revenue reached 24.6% growth ($18.28 billion).
About specific products:
- Breaking last year’s records, the iPhone revenue increased by 47% ($38.87 billion).
- Mac laptops reached + 1.6% ($9.18 billion).
- The iPad sales grew 21.% ($8.25 billion)
- Other products, including the Watch and AirPods, increased sales up to 11.5% ($8.79 billion).
According to Apple CEO Tim Cook, the downturn in sales due to global supply shortages in silicon ($6 billion) and pandemic-related manufacturing issues in Asia. It’s important to mention that this quarter report only analyzed its revenue after the iPhone 13 launch. In large part, Apple will release iPhone 13-related revenues in the next quarter. And the CEO has great expectations for the upcoming reports.
During the pandemic, Apple saw a massive sales increase, especially targeting remote workers and digital nomads. However, it’s the first time in five years that the company has recorded such a downturn in sales for its products.