Apple's Earning Report Causes Holiday-Season Alarm
During Thursday's report, Apple revealed that its revenue fell short of Wall Street expectations.
Apple's latest earnings report is causing alarm as consumers worry that production and shipping hold-ups will impact the holiday season. During the Thursday report, Apple revealed that its revenue fell short of Wall Street expectations.
The company -- which manufactures popular iPhones, iPads, Apple Watches, AirPods, MacBooks and more -- cited chip shortages and manufacturing disruptions related to the COVID-19 pandemic as it revealed $6 billion has been cut from its revenue over the last quarter.
Microsoft passed Apple in market cap on Friday, becoming the most valuable publicly-traded company in the world after Apple missed its earnings expectations.
Apple's quarterly sales were $83.4 billion and shares were down 3.5% in premarket trading. Apple's market cap Friday was $2.43 trillion. Microsoft's was almost $2.46 trillion.
Consumers are reminded that this year, with so many production issues and shipping problems, it is best to do holiday shopping early.
The ongoing shipping backlog is now expected to continue until the middle of next year. Congestion at the ports has led to $24 billion in goods floating on barges and as the goods sit on the water, costs are rising for average Americans, shipments are delayed and there are fewer purchasing options on store shelves.
Entrepreneur Editors' Picks
This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.
Have You Ever Obsessed Over 'What If'? According to Scientists, You Don't Actually Know What Would Have Fixed Everything.
After He Was Fired From the UFC, This Former Fighter Turned His Passion Into a Thriving Business
Most People Don't Know These 2 Things Are Resume Red Flags. A Career Expert Reveals How to Work Around Them.