Apple reported record revenue in Q3 of its fiscal 2021, but admitted it is being hit by industry-wide component shortages – and things are only going to worsen in the quarter to come, costing the company billions of dollars.
Cupertino's latest financials for the three months ended 26 June paint a rosy picture, with revenue up 36 per cent year-on-year to a record $81.4bn on a healthy gross margin of 43.3 per cent. A big chunk of that came from the company's high-margin services arm – cloud, music, video, advertising, payments, and more – which saw sales jump to $17.5bn, including cash from over 700 million paid subscribers.
iPhone accounted for almost half of Apple's total revenues, jumping 50 per cent on the year-ago quarter to $39.57bn. "Customers love iPhone 12 for its superfast 5G speeds, A14 Bionic chip and Adobe vision camera never seen before in a phone," trilled CEO Tim Cook.