Apple lost $6 billion to chip shortage and manufacturing delays in Q4, Tim Cook shared

CUPERTINO, CALIFORNIA – Apple today announced financial results for its fiscal 2021 fourth quarter ended September 25, 2021. The Company posted a September quarter revenue record of $83.4 billion, up 29 percent year over year, and quarterly earnings per diluted share of $1.24.
“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 Tim Cook, Apple’s CEO. “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.”
“Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment,” said Luca Maestri, Apple’s CFO. “The combination of our record sales performance, unmatched customer loyalty, and strength of our ecosystem drove our active installed base of devices to a new all-time high. During the September quarter, we returned over $24 billion to our shareholders, as we continue to make progress toward our goal of reaching a net cash neutral position over time.”
COVID-19 did hurt Apple also as a company. CEO Tim Cook told CNBC that supply chain constraints had a clear impact on financial results this quarter. “We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion,” Cook said, attributing the supply issues to “the industry-wide chip shortages that have been talked about a lot and COVID-related manufacturing disruptions in Southeast Asia.” Apple expects an even greater loss from supply chain issues in the December quarter, it said during Thursday’s earnings call.
Like other large tech companies, and as Cook made clear, Apple is dealing with major supply chain challenges: the high-end iPhones remain difficult to find in stock at Apple retail locations, and its 14-inch and 16-inch MacBook Pros are already severely backordered. If you don’t want to deal with long shipping delays, the best option is routinely checking stock at local Apple stores. But even that’s not a guaranteed strategy, and the reality is that buying Apple’s latest gadgets is more difficult than in years past.
Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock. The dividend is payable on November 11, 2021 to shareholders of record as of the close of business on November 8, 2021.
Apple Newsroom contributed to this column

Author: West Lamy

My passport requires no photograph. Experienced play-by-play broadcaster and multimedia sports journalist with years of producing and covering sports. WORLDWIDEWEST is a journey; in this journey my feet don't get blisters, but my shoes do.

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