Apple's revenue surged 29 per cent year-on-year to $83.4 billion during the September quarter. AP
Apple's revenue surged 29 per cent year-on-year to $83.4 billion during the September quarter. AP
Apple's revenue surged 29 per cent year-on-year to $83.4 billion during the September quarter. AP
Apple's revenue surged 29 per cent year-on-year to $83.4 billion during the September quarter. AP

Apple fourth-quarter profit up 62% on record sales


Alkesh Sharma
  • English
  • Arabic

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.

Apple chief executive Tim Cook said the company is moving closer to its 2030 goal of being carbon neutral. AFP
Apple chief executive Tim Cook said the company is moving closer to its 2030 goal of being carbon neutral. AFP

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.

Apple launched its 5G-enabled iPhone 13 series in September as it wrestles with other smartphone makers to increase its market share. Photo: Reuters
Apple launched its 5G-enabled iPhone 13 series in September as it wrestles with other smartphone makers to increase its market share. Photo: Reuters
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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.

'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

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UAE currency: the story behind the money in your pockets
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

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

UAE currency: the story behind the money in your pockets
House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Updated: October 30, 2021, 1:17 AM`