The period marked the end of Apple’s fiscal year - a stretch in which iPhone sales totaled $192 billion, by far biggest volume recorded by the company since the device’s debut in 2007.Īpple’s previous iPhone record came in fiscal 2018 when sales of the device totaled $165 billion. But analysts had predicted iPhone sales of roughly $41 billion for the quarter. “It’s not a demand issue but a supply issue that continues to be the elephant in the room for Apple,” Wedbush Securities analyst Dan Ives wrote in a research note.Īs usual, the iPhone remained Apple’s financial engine, with sales of the device rising 47% from last year to $38.9 billion for the quarter.
That sobering reality likely was the main reason that Apple’s stock price declined by more than 3% in extended trading after the numbers came out. The company’s chief financial officer, Luca Maestri, warned sales will be hurt even more during the current quarter that covers the pivotal holiday shopping season. In a conference call with analysts, Apple CEO Tim Cook estimated supply shortages cost the company about $6 billion in sales during the quarter.
