Apple shares drop after record quarter as supply chain woes loom: Tim Cook warns of iPhone, Mac sales slowdown
Apple reported strong third-quarter earnings on Thursday, with revenue reaching $109.4 billion, a 16.4 percent increase from the previous year. The tech giant's profits were driven by record sales of iPhones and MacBooks, despite supply chain constraints that are expected to impact future sales.
In his final earnings call as CEO, Tim Cook expressed optimism about Apple's future opportunities. "I am beyond excited," said Cook, who has led the company for 15 years and will pass the CEO baton to John Ternus in September. Cook's tenure has seen Apple's market capitalization grow from about $350 billion to nearly $5 trillion.
However, Cook also warned about significant supply chain constraints that will affect sales of iPhones and Macs in the months ahead. "We're seeing some very significant constraints currently, with limited flexibility in the supply chain," Cook said. Sales of the iPhone, which accounts for roughly half of Apple's business, are expected to grow at a "mid-teens" percentage rate in the current quarter, a deceleration from the 22% growth posted in the recently ended quarter.
The market reacted to the news with Apple's shares falling as much as 8% in after-hours trading on Thursday, before regaining some ground. The stock later traded down roughly 6% from its closing price of $333.85.
Despite the supply chain challenges, Apple's third-quarter results beat Wall Street expectations. iPhone sales grew by 21.7 percent to $54.25 billion, while Mac sales also exceeded expectations. However, revenue from services, another key growth driver for Apple, came in slightly below analyst projections at $30.74 billion.
Cook's final earnings call marked the end of an era for Apple, with John Ternus set to take over as CEO in September. Ternus, an engineer by training, currently oversees the design of Apple's physical products.
Looking ahead, Apple faces challenges from supply chain constraints and the rising costs of memory chips, which Cook compared to a "hundred-year flood." Despite these challenges, Cook remains optimistic about Apple's future prospects.
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