Washington: Apple Corps reported sales of ₹71.63 billion in the October-December quarter, a nine percent increase in sales amid the coronavirus outbreak, a shortage of semiconductor chips and a political conflict between the United States and China. At one point, these factors acted to undermine the quarter.
Apple CEO Tim Cook said Apple was able to maintain sales momentum despite significant supply disruptions. An estimated $6 billion worth of raw material supplies fell to Apple.
Apple’s 1.8 billion devices are currently active around the world, along with the iPhone. These sales would have been higher if Apple had managed to keep up with the supply of the chip. The biggest shortfall in chip supply affects the iPad, with sales down 14 percent compared to the same period last year. Management expects the fall in the supply front to have no dramatic impact on the year-end supply front in March.
Despite the shortfall, Apple posted a profit of ₹34.63 billion at the end of December 31, while its total revenue grew 11 percent to ₹124 billion. Apple’s success has propelled its market cap to more than $3 trillion this month. However, since then its share price has fallen 13 per cent as interest rates have risen.