Apple reported a 62.2 per cent annual jump in its fiscal year fourth-quarter net profit as the company earned record revenue in the September quarter. However, the company's sales fell short of Wall Street expectations.
The Cupertino-based company’s net profit in the period that ended on September 25 surged to almost $20.6 billion. This is about $1.2bn less than the quarter that ended on June 26.
Revenue rose 29 per cent year-on-year to $83.4bn during the quarter, missing analyst estimates of $84.8bn.
Last week, Apple launched its latest MacBook Pro laptops powered by the company’s in-house M1 Pro and M1 Max chips, and new AirPods as the US tech company looks to diversify its product range and attract more professional users.
The company also unveiled the iPhone 13 series, Apple Watch 7 and new iPads last month.
“We are infusing our values into everything we make … moving closer to our 2030 goal of being carbon neutral up and down our supply chain and across the life cycle of our products and ever advancing our mission to build a more equitable future,” Apple chief executive Tim Cook said.
The company’s full financial year’s net profit increased 65 per cent to $94.7bn. Its 12-month sales stood at more than $365.8bn, up more than 33 per cent on a yearly basis.
Apple's sales across all product categories reported double-digit growth.
iPhone sales account for about 47 per cent of the company's total revenue. Smartphone sales surged almost 47 per cent to $38.9bn in the quarter from the prior year period, missing the analysts' estimates of $41.5bn.
The company’s total revenue from services grew about 25.6 per cent annually to $18.3bn, while revenue from wearables, home and accessories products increased almost 11.5 per cent yearly to more than $8.8bn.
Revenue from iPads and computers jumped more than 10 per cent to more than $17.4bn.
Apple’s sales in the Americas accounted for about 44.2 per cent of the company's total fourth-quarter revenue and it earned $36.8bn in the region.
It was followed by Europe and the Greater China market (China, Hong Kong and Taiwan), which added $20.7bn and $14.5bn, respectively, to the company’s revenue.
Despite US-China trade issues, Apple managed to gain significant new ground in the Greater China market, which reported an annual increase of more than 83.2 per cent.
Japan and rest of the Asia Pacific market added $11.2bn to Apple’s third-quarter sales, an annual increase of 22.1 per cent.
During the September quarter, Apple returned more than $24bn to its shareholders, as the company looks to reach a net cash neutral position over time.
The company’s record September quarter results “capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment", chief financial officer Luca Maestri said.
In the July-September period, Apple spent more than $5.7bn on research and development, about 7 per cent of its total revenue. It was up almost 16 per cent compared to the same period the year prior.
Apple did not issue official guidance about future revenue and profits. The company stopped offering guidance at the start of the Covid-19 pandemic due to uncertainty in business.
The company’s cash, cash equivalents and marketable securities stood at $62.6bn as of September 25.
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Killing of Qassem Suleimani
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
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If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Killing of Qassem Suleimani
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Read more about the coronavirus
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
UAE currency: the story behind the money in your pockets
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London