Apple Misses Revenue in Q3 as Chip Shortage Dents iPhone Sales By

© Reuters Apple Earnings Beat,icmarkets customer area login Revenue Misses In Q4

By Yasin Ebrahim

- Apple reported mixed third-quarter results as revenue fell short of Wall Street expectations as the ongoing chip shortage weighed on iPhone sales.

Apple Inc (NASDAQ:AAPL) shares lost 4.26% in after-hours trade following the report.

Apple announced earnings per share of $1.24 on revenue of $83.36 billion. Analysts polled by anticipated EPS of $1.23 on revenue of $84.85 billion.

iPhone revenue, which makes up about half of total revenue, rose to $38.98 billion from $26.44 billion a year earlier, missing estimates of $41.60 billion, driven by strong demand from the latest slate of iPhones.

Apple CEO Tim Cook, in an interview with CNBC, flagged the drag on iPhone sales from "larger than expected supply constrains," which he estimated to be around $6 billion.

Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $18.28 billion from $14.55 billion, beating estimates of $17.57 billion.

Wearables, home and accessories generated $8.79 billion in revenue, up from $7.88 billion, beating consensus of $9.28 billion.

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