Technology group: Expensive storage chips push Apple's stock into the red
Sales and profit at a record high, iPhone growing double-digit. But in John Ternus' first quarterly report, bottlenecks and chip crisis are putting pressure on Christmas forecasts.
In the first quarter, Apple's chief executive, John Ternus, announced record revenue and profit, succeeding Tim Cook. However, expensive memory chips and supply chain bottlenecks cast a shadow over the outlook. The company now anticipates only seven to ten percent growth in the holiday quarter, the cautiousest forecast in over a year.
The stock price fell by approximately three percent after market close. In the fourth fiscal quarter, which ended in September, Apple's revenue rose by twelve percent to $114.5 billion, exceeding analyst predictions of around $113.4 billion. The profit increased by fourteen percent to $2.10 per share, surpassing expectations of about $2.
Analysts had attributed part of the profit boost to the refunding of tariffs, which contributed five cents to the earnings surge. Nonetheless, Apple's profit remained at $30.7 billion. The business year concluded with $478.8 billion in revenue, a 15 percent increase from the previous year and the highest ever.
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