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Apple Inc. AAPL reportedly sold fewer iPhones than expected, but CEO Tim Cook says demand is not to blame.
What Happened: On Thursday, Apple announced Q4 earnings and revenue that exceeded expectations. Most analysts have tempered their expectations for coming fiscal years, citing weaker consumer spending, but Cook attributed the dip in iPhone sales to partly supply chain issues, reported Business Insider.
See Also: How To Trade Apple Stock Heading Into Q4 Earnings
“Customer demand was strong,” Cook said during Apple’s quarterly earnings call, adding that it was better than the company had anticipated.
“In terms of the iPhone 14 Pro and the 14 Pro Max, it’s still very early, but since the beginning, we’ve been constrained… and we continue to be constrained today, so we’re working very hard to fulfill the demand,” he stated.
Apple reportedly sold $42.6 billion worth of iPhones for its fourth quarter, less than the $43.4 billion that Apple watchers expected.
In the midst of a slowing economy, Apple’s stronger-than-expected quarterly results could be encouraging for investors. Apple CFO Luca Maestri said that iPhone sales set a record for the September quarter, improving 10% over the prior year’s quarter, exceeding even the company’s forecast, according to Reuters.
Apple defied the bad news trend in Big Tech, as it beat quarterly earnings and revenue expectations, unlike Amazon.com Inc. AMZN, Meta Platforms Inc. META and Alphabet Inc. GOOG GOOGL.
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Image and article originally from www.benzinga.com. Read the original article here.