Published , by Donovan Erskine
Published , by Donovan Erskine
As earnings week continues, more companies around the globe are sharing their financial performance over the last few months with consumers and shareholders. Apple released its Q4 2021 financial report today, showing year-over-year growth, but missing out on quarterly expectations.
Apple’s Q4 2021 earnings report was shared to the newsroom on the company’s website. It’s here that Apple revealed that it brought in a revenue of $83.4 billion, a new September record for the tech company. Despite being a 29 percent year-over-year increase and setting a new company record, it’s still slightly below the $84.79 billion expectation.
“This year we launched our most powerful products ever, from M1-powered Macs to an iPhone 13 lineup that is setting a new standard for performance and empowering our customers to create and connect in new ways,” said Apple CEO Tim Cook. “We are infusing our values into everything we make — moving closer to our 2030 goal of being carbon neutral up and down our supply chain and across the lifecycle of our products, and ever advancing our mission to build a more equitable future.”
In Q4, the iPhone accounted for $38.9 billion of Apple’s revenue. Again, this just misses expectations, which had iPhone revenue pegged at $41.7 billion.
Apple’s Q4 2021 earnings report posted some decent numbers for the recent quarter, though it did come in just below Wall Street expectations. Interestingly enough, the company also spoke about how the pandemic-induced chip shortage has impacted Apple’s business. In an interview with Reuters, Tim Cook stated that there were "larger than expected supply constraints" over the last quarter due to the chip shortage.