Apple's results for the fourth fiscal quarter of 2022 (third calendar quarter of 2022) have been released. Although the company reported new record sales, analysts are not entirely happy.
CEO Tim Cook has revealed more details about the challenges the company is facing, such as keeping up with demand for the iPhone 14 Pro. Conversation with Steve Kovach of CNBC, Cook talked more about the supply and demand situation for the iPhone:
We're currently experiencing shortages of the 14 Pro and Pro Max and have been since launch day, so of course we're trying to supply as much as we can to meet demand.
iPhone 14 Pro: Tim Cook is proud of Apple's performance
This is consistent with previous reports we've seen. However, Apple slightly missed expectations for iPhone sales last quarter. One important detail, however, is that sales of the iPhone 14 and 14 Pro only lasted a little over a week during this period. Despite this, Apple was able to increase iPhone sales by almost 10% year-over-year, while total sales for the quarter rose by 8%. Cook said another key factor in the fourth-quarter result was currency exchange rates:
The exchange rate headwind was over 600 basis points in the quarter, so that was significant. Without the exchange rate headwind, we would have grown by double digits.
Overall, Cook is proud of the company's performance, noting that it bucked industry trends on the phone when looking at third-party estimates. (Image: Apple)
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