Stocks of Apple Inc. skidded in late trading as supply chain woes hit its fourth-quarter fiscal 2021 results.
In the after-hours market, the tech giant tumbled 3.53% or 5.38 points to $147.19 per share.
Moreover, it reversed its Thursday gain of 2.50% or 3.72 points to $152.57 per share.
Accordingly, Apple Inc. CEO Tim Cook explained that supply constraints impacted its last quarter sales with an estimated $6.00 billion loss.
On the other hand, its revenue climbed 29.00% to $83.40 billion from $64.70 billion in the same period last year. However, it slightly missed the market estimate of $84.85 billion.
Consequently, its earnings per share hiked to $1.24 from the last year’s data of $0.73, matching the market estimate.
Subsequently, most of its product categories increased on a yearly basis.
For instance, iPhone revenue strengthened 47.00% to $38.87 billion from the previous figure of $26.44 billion. However, it came in lower than the analysts’ forecast of $41.51 billion.
At the same time, its iPad sales hiked 21.40% to $8.25 billion from $6.80 billion. It also came in higher than the estimated $9.23 billion.
Meanwhile, Apple Inc. noted that iPad sales would plummet on the next quarter’s results due to supply bottleneck.
Correspondingly, its Mac sales improved 1.60% to $9.18 billion from $9.03 billion, yet, it missed the projected $9.23 billion.
In addition, Apple Inc. services revenue edged up 25.60% to $18.28 billion from $14.55 billion. Then, it beat the expected number of $17.64 billion.
Furthermore, sales on other products boosted 11.50% to $8.79 billion from $7.88 billion, but lower than the estimated $9.33 billion.
Remarkably, since April 2016, this is the first time that Apple Inc. has failed to beat earnings estimates.
Amazon.com Inc. Tumbled as Apple Inc. Fell
Similarly, e-commerce giant Amazon Inc. plunged in the post-trading as it posted downbeat third-quarter 2021 results.
Its earnings edged down to $6.12 per share from the anticipated figure of $8.92. At the same time, its revenue curtailed to $110.81 billion from the expected $111.60 billion.
Same with Apple Inc., Amazon reckoned decelerated sales growth mainly due to worldwide supply constraints.
In line with this, it currently took up steps to shore up its supply chain amid the implications present. Subsequently, the business added shipping ports and a fleet of planes and trucks.
Additionally, Google-parent Alphabet Inc. Class A dwindled 0.10% or 3.50 points to $2,913.50 per share in the after-hours.