Apple has felt the financial impact of its decision to delay the release of its iPhone 12 handsets by a number of weeks.
On the whole, the iPad maker produced mostly positive financial results, but Apple recorded the biggest iPhone sales fall in nearly two years because of the delayed launch.
Apple had announced in its July earnings that the launch of the iPhone 12, usually slated for September, would be delayed due the global Coronavirus pandemic.
Examining Apple’s financial results for the fourth quarter and its year-end figures, it is mostly positive.
For the fourth quarter ending 26 September, Apple posted a net profit of $12.7bn, down from $13.7bn.
Revenues came in at $64.7bn, slightly up from $64bn.
Moving over to the full year results, annual profits were a staggering $57.4bn, up from $55.2bn in the previous year.
Full year revenues were $274.5bn, up from $260bn in the previous year.
But Apple’s main money maker (the iPhone), saw the biggest fall (20 percent) in two years as iPhone revenues were down at $26.4, from $33.3bn in the same year-ago quarter.
This led to shares in Apple falling in after-hours trading.
“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” said Tim Cook, Apple’s CEO.
“Despite the ongoing impacts of Covid-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive,” said Cook.
“From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver,” Cook concluded.
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