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Apple warns of more supply chain woes after iPhone 13 drives revenue surge

The tech giant’s financial disclosures follow the release of new Mac computers, iPads and the iPhone 13.

Apple warned on Thursday that it continues to struggle with supply chain disruptions as it ramps up for an expected holiday shopping crunch following the release of its iPhone 13, new iPads, Apple Watches and Mac computers.

Apple said that iPhone sales jumped nearly 47% in the three months ended Sept. 25, as consumers snatched up the new iPhone 13. But Apple said its sales could have even been higher if not for the continued spread of the coronavirus pandemic, which has disrupted businesses across the globe. For Apple that led to a more limited number of products it could make and ship to customers.

Apple CEO Tim Cook said the company missed out on as much as $6 billion in revenue as a result of constrained supplies, primarily driven by silicon chip shortages and manufacturing disruptions. «We are optimistic about the future, especially as we see strong demand for new products,» he told analysts on a conference call.

Still, even though the company expects supply constraints to continue through the holidays, CFO Luca Maestri said he expects Apple to set new sales records during the holiday shopping season.

Apple’s financial disclosures add to a growing tapestry of information about the world economy amid the pandemic. The pandemic upended what turned out to be fragile supply chains around the globe when it ripped through manufacturing and shipping hubs at the beginning of last year. Now, as the holiday shopping season begins, questions remain about potential supply shortages.

In response, large retailers such as Target, Best Buy, Amazon and even Macy’s have begun rolling out early Black Friday deals before Halloween in an effort to draw people to shop now.

As for Apple, many of its newly launched products are already on back order, with the company quoting shipping times for new iPhones into November and new Macs into December. That all speaks to how much Apple’s struggled to keep up with demand.

It also likely helps that Apple’s fiscal fourth quarter included launches for highly anticipated products, including a more rugged $399 Apple Watch Series 7, updated $329 entry-level iPad, and redesigned $499 iPad Mini. The biggest release though was the series of iPhone 13 models, starting at $699.

The company said it tallied $38.8 billion in iPhone sales, up from $26.4 billion the same time a year earlier. Some of that can be attributed to quirks of the calendar. Apple released its iPhone 12 last year a few weeks later than usual, and as a result, its iPhone sales took a hit. This year, Apple stuck to its typical schedule of releasing new iPhones in September.

All told, Apple said it notched profits of $20.5 billion, up 62% from the same last year. That translates to $1.24 per share in profit, off $83.36 billion in overall revenue, which itself was up more than 28% from the $64.7 billion reported last year. But it was below analysts’ average estimates, which were $1.24 per share in profits on nearly $84.9 billion in revenue, according to surveys published by Yahoo Finance.

«It’s difficult to predict COVID,» Cook said. He added that he believes Apple’s still in a «materially better» position than it was earlier this year.

Apple’s stock closed regular trading up 2.5% to $152.57 per share. The stock’s risen nearly 18% so far this year, valuing the company at more than $2.5 trillion.

Supply shortages

The tech industry’s supply issues stretch back more than a year. Initially, industry executives said, many companies lowered orders for products out of fear for decreased demand when the pandemic was just starting last year. That, mixed with waves of illness and manufacturing shutdowns, led to supply shortages as people ramped up online shopping.

Chip shortages have extended well past the tech industry too. It’s kept Sony from being able to produce enough of its PlayStation 5 consoles to meet demand. But it’s also kept Ford from being able to make its F-150 trucks.

Read more: Why your iPhone may never be «Made in America»

Apple’s Cook said that most of the supply shortages it’s facing are among older chips, though the company didn’t say which products or chips in particular it’s referring to. But he did say that getting enough newer chips isn’t as much of an issue.

«What we’re doing is working with our partners, and making sure that they have supply,» he said. Apple’s reworked some of its manufacturing, he added, to have as many products ready for chips as possible. That way, a chip can roll off the manufacturing line, into a product and shipping «as fast as possible.»

By the numbers

Apple said it set a record for Mac sales at nearly $9.2 billion, up slightly from the $9 billion a year earlier, despite the struggles it’s faced to get products to customers.

Apple said its success is primarily driven by the company’s new M1 chips, microprocessing brains designed by the teams that work on the iPhone. These chips, which were first released last year, have been well received by reviewers, who say they’re able to perform well when compared to previous Mac computers. Apple had relied on Intel chips to power its computers for about 15 years.

«After nearly a year, I can say the Intel-to-M1 transition has been relatively smooth,» CNET reviewer Dan Ackerman wrote of the new Mac computers. «The best thing I can say about the M1 chip is that it’s largely transparent to the everyday MacBook Air user, which is exactly what you want from a big under-the-hood change like this.»

Apple’s iPad sales jumped 21% to $8.2 billion. Its segment called «wearables, home and accessories,» which includes the HomePod Mini and Apple Watch, jumped more than 11% to nearly $8.8 billion. Services revenue, including from the company’s $5-a-month Apple TV Plus service, rose 26% to nearly $18.3 billion.

Apple said nearly a third of its revenue now comes from developing countries. Sales in Greater China nearly doubled to $14.5 billion from the year earlier, while sales in the Americas jumped 20% to $36.8 billion, Europe rose 23% to $20.8 billion, and Japan ticked up 19%. Revenue from the rest of Asia Pacific rose 25% to $5.2 billion.

Technologies

Verum Token Now Available on Binance, Listing of Verum Coin Expected Soon

Verum Token is now accessible for deposits and withdrawals on the Binance Wallet

Verum Token is now accessible for deposits and withdrawals on the Binance Wallet, the world’s leading cryptocurrency exchange. This milestone marks a significant step for the Verum ecosystem, allowing users seamless access to Verum on the platform.

Following the launch, Verum Coin’s value surged by 3%, reaching a new peak of $825.33 within just 24 hours.

With the Verum Coin listing anticipated soon, the excitement is growing, highlighting the project’s potential for further growth and adoption.

About Binance

Founded in 2017, Binance offers a secure, user-friendly platform with a broad selection of digital assets and trading pairs, supporting both retail and institutional traders. Listing Verum Token aligns with Binance’s strategy to include innovative, high-quality projects.

For more information, visit verumcoin.info.

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Technologies

Verum Messenger Update: New Levels of Security and Functionality

These privacy-oriented features make Verum Messenger one of the most secure and convenient messengers available today.

Verum Messenger, known for its commitment to privacy and innovation, has launched an update that enhances both user protection and performance. These privacy-oriented features make Verum Messenger one of the most secure and convenient messengers available today.

Key Updates in Verum Messenger:

  • Control Over Message Forwarding and Copying

The new feature enables users to restrict the forwarding and copying of their messages. Now, the sender decides whether their messages can be copied or forwarded to others — an essential addition for those who value control over the spread of their information.

  • Media Saving Settings for Private Chats

In one-on-one conversations, users now have the option to limit automatic media saving on their device. This feature is designed for those who prioritize privacy and prefer to keep sensitive photos and videos within the app itself.

  • Message Deletion Timer

The self-destructing message feature is a crucial tool for communicating in high-privacy environments. Users can now set a timer to delete messages after a specific period, adding an extra layer of security to personal conversations.

  • Enhanced Performance and Stability

In addition to these new features, Verum Messenger has boosted its performance, allowing for faster and more stable operation even under high usage. This improvement makes communication smoother, especially for those who rely heavily on the app for both work and personal needs.

Innovative Technologies for Your Convenience

Complementing this update, Verum Messenger also includes integration with Verum AI, a smart assistant that addresses everyday tasks right in the chat. The built-in eSIM and VPN allow users to connect to the internet and secure networks globally, providing complete freedom and safety.

Verum Messenger continues to be at the forefront of privacy and security, offering a reliable and user-friendly service for everyday communication.

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Technologies

Multiply Your Wealth with Verum Coin: An Investment in Your Future

May your investments bring you joy and financial freedom!

In today’s world, where financial independence is becoming increasingly relevant, investing in cryptocurrency is attracting more and more attention. One such promising cryptocurrency is Verum Coin. In this article, we will discuss why you should consider purchasing Verum Coin and how it can change your financial life.

1. Growth Potential

Verum Coin has significant growth potential for the future. With the unique technology that underpins this cryptocurrency and the growing interest from investors, the value of Verum Coin could increase manifold. By investing in Verum Coin now, you open the door to substantial profits in the future.

2. Convenience and Accessibility

One of the key features of Verum Coin is its accessibility. You can easily purchase this cryptocurrency through various platforms and exchanges, such as the BitCoinPay Trade exchange and BitInterPay — Crypto Bank. Additionally, Verum Coin offers an intuitive interface for managing your investments, making the buying and selling process simple and convenient, even for beginners.

3. Innovative Technology

Verum Coin is built on modern blockchain technology, ensuring a high degree of security and transparency for all transactions. Every user can be confident in the reliability of their investments, as blockchain technology minimizes the risks of fraud and hacking.

4. Community and Support

Investing in Verum Coin is not just a financial transaction; it’s an opportunity to become part of an active and supportive community of like-minded individuals. You will have access to various resources, educational materials, and forums where you can exchange experiences and receive advice from more experienced investors.

5. Financial Independence

By investing in Verum Coin, you are taking a step towards financial independence. The ability to multiply your capital and create passive income is what everyone dreams of. Verum Coin provides this opportunity through its growth potential and active community.

6. A Happy Life and Confidence in the Future

It is important to remember that money is not an end in itself, but a means to achieve more. By acquiring Verum Coin and multiplying your funds, you open up new horizons and opportunities for yourself. You can afford more—travel, pursue your passions, and provide for your loved ones.

Conclusion

Investing in Verum Coin is not just a financial strategy; it’s a pathway to your financial well-being that can change your life for the better. Don’t miss the chance to be part of this exciting and promising cryptocurrency revolution. Start investing in Verum Coin today and live richly and happily!

May your investments bring you joy and financial freedom!

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