9 Charts to Understand Apple's Latest Earnings
Apple FY2021 Q4 Earnings Summary:
Revenue of $83.36B, up 28.8% year over year, marking the fourth consecutive quarter of 20%+ growth.
iPhone revenue $38.868B, up 47% year over year, benefiting from a low base as the year-ago quarter fell 21%.
Services revenue $18.277B, up 26% year over year, the fourth consecutive quarter of 20%+ growth and the twelfth consecutive quarter of year-over-year growth. Services gross margin hit 70.5% this quarter, a record high.
Mac revenue $9.178B, up 2% year over year, a quarterly record.
Wearables, Home and Accessories revenue $8.785B, up 12% year over year, the tenth consecutive quarter of 10%+ growth.
iPad revenue $8.252B, up 21% year over year, the sixth consecutive quarter of 10%+ growth.
Greater China revenue $14.563B, up 83% year over year, the fourth consecutive quarter of 50%+ growth and the fourth consecutive quarter outpacing Apple's total revenue growth.
Overall, this earnings report is decent; although the supply chain was impacted, growth across the board remains solid. So why isn't the market buying it?
1. Reviewing Apple's earnings history reveals high volatility. Before the recent four quarters of growth, Apple endured six consecutive quarters of stagnation, which is unacceptable for a great company. Microsoft is the earnings benchmark.
2. Facing supply chain uncertainty, investors struggle to gauge the outlook and need company guidance for direction. Yet Apple continues to provide no guidance quarter after quarter.