Recap: The ongoing Covid-19 pandemic forced Apple to push the launch of its latest generation iPhones back from the usual mid-September window to the latter half of October. In fact, we are still waiting on two of the four new devices – the iPhone 12 Mini and the iPhone 12 Pro Max – to ship. Both are scheduled to arrive on November 13.
Apple at the end of business on Thursday reported September quarter revenue of $64.7 billion, which CEO Tim Cook said was led by all-time record sales in its Mac and Services divisions.
The results narrowly beat Wall Street estimates of $63.70 billion. Earnings per share checked in at $0.73, just above the $0.70 that analysts were expecting.
Looking at sales by category, we see year-over-year improvements in every area – Mac, iPad, Wearables / Home / Accessories and Services – except the iPhone, where revenue dipped more than 20 percent to $26.44 billion. But in fairness, 2020 is a bit of an anomaly as far as the iPhone is concerned.
As CNBC highlights, Apple hasn’t provided financial guidance for the past two quarters due to the uncertainty brought about by the pandemic and it isn’t doing so for the upcoming quarter, either.
Share value in Apple stock is down more than five percent on the earnings report.
Still, there’s room for optimism. We’re heading into the lucrative holiday buying season, one that could see a record number of online shoppers this year. With four new iPhones on the docket supporting 5G for the first time and a consumer base that will likely be looking to practice lots of retail therapy this year, Apple could be looking at a very promising holiday quarter.