The stocks of AAPL reported quite a strong third-quarter earnings last Tuesday as it demolished all the expectations of Wall Street. Every single product line of Apple grew to almost 12% on an annual basis. On the whole, the sales of the company went up by 36% from where they were in June last year with the sales of iPhone increasing by 50% on an annual basis.
AAPL Has Put Out Its Quarterly Earnings
The stocks of AAPL were down by almost 2% in its extended trading system. The stocks dropped on Tuesday after the company warned its earnings call growth that the earnings from the September quarter might not be as large as the quarter from June. It is interesting to note that the company has not yet provided any formal guidance for the sixth quarter in a row- something it has not done since the pandemic began last year.
However, the CFO of AAPL, Luca Maestri, has stated that the company will be expecting double-digit annual growth in the current quarter. The CFO mentioned that the company expected less than a growth of 36% in the September quarter due to the foreign exchange rates, supply constraints for iPads, and less growth in the services business.
The CEO of the company mentioned in a call that the company had been seeing supply constraints that were related to silicon that would definitely affect the sales of the iPhone in the September quarter.
AAPL also has a pretty strong quarter in its region of Greater China– which also includes regions like Hong Kong and Taiwan in addition to the mainland. The company reported a sales sum of $14.7 billion with an increase of about 58% from the same quarter the previous year. Nonetheless, it has been quite an easy comparison due to China still being in the stages of lockdown during the quarter.