Apple CEO Tim Cook said on the 27th (local time) that the supply chain problem is improving, and Apple shares rose more than 5%.
Apple shares rose 4.53% to $166.43 at 6:49 p.m. Eastern Time in the U.S. Apple closed 0.3% lower in the regular market on the same day.
Apple shares rose on the back of favorable performance after the market closed. Sales of all products except iPads exceeded Wall Street expectations and overall sales increased by 11%.
During the fiscal quarter, which ended on the 25th of last month, Apple’s sales rose 11% year-on-year to $123.96 billion, exceeding expectations ($118.66 billion). Net profit per share was $2.10, up 25% from the same period last year and exceeding expectations ($1.89).
iPhone sales rose 9% to $71.63 billion, exceeding the expected $68.04 billion.
Sales in the service sector, which combines subscription services such as App Store, Apple Music, Apple TV+, and Apple News, increased 24% to $195 billion.
Sales in the Mac sector, including PCs and laptops, also increased 25% to $10.9 billion. However, iPad sales, a tablet PC, fell 14%
Apple did not provide a forecast in this earnings report either. Apple has not provided forecasts due to uncertainties since the outbreak of the novel coronavirus infection disease (COVID-19).
However, CEO Cook was optimistic in an interview with CNBC prior to the earnings report that “year-on-year sales growth will be solid this quarter.” In the meantime, he predicted, “The supply stagnation in the March quarter will be less than in the last quarter.
