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Author: Alan LittleDate: 2021-11-01

Apple (AAPL) -2% after first quarterly revenue miss since 2017

Microsoft (MSFT) became the most valuable traded company on Friday after Apple (AAPL) shares eased lower following its surprise Q3 revenue miss.

Microsoft (MSFT) became the most valuable publicly traded company in the world on Friday after Apple (AAPL) missed revenue expectations for the first time in four years and its shares slipped 1.82%.

Apple has been vocal about its recent supply chain troubles, but the extent of the headwinds were laid bare in its latest Q3 report as it lost out on an estimated $6bn in quarterly sales.

While revenue did jump 29% from a year ago to $83.36bn, this was not enough to surpass the $84.85bn Wall Street consensus, and $1.24 earnings per share only matched pre-report expectations.

It was a similar story for iPhone revenue, up a healthy 47% year-over-year to $38.87bn but still well short of the $41.51bn analyst forecast, and Mac revenue at $9.18bn (+1.6%) versus the $9.23bn consensus.

On a brighter note for Apple, its Services segment, covering revenue generated from its App Store and subscription services, grew 25.6% to $18.28bn to top forecasts of $17.64bn.

CEO Tim Cook said that the firm has added 160 million paid subscriptions during the last year and now has 745 million in total, which is “quite the growth cycle”.

Cook admitted that chip shortages continue to “linger on” but believes that Apple is on track to deliver “solid year-over-year revenue growth” in Q4.

Investors are accustomed to Apple posting regular quarterly beats, so it is no surprise that its latest misses dominated the narrative in Friday’s trading.

Credit Suisse analyst Dan Knauff is not panicking yet due to the “durability of unified demand” for Apple’s premium products.

AAPL did decline though as a 1.82% retreat by Friday’s close reduced its market value to $2.46tn, which is slightly less than Microsoft’s (+2.24%) $2.49tn market cap.

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