Friday, Jan 06, 2023, 15:56 Economy

A Turbulent Quarter For Cupertino – Apple To Release Earnings Report February 2nd

From an economic perspective, neither the corona pandemic nor the war in Ukraine seemed to slow Apple down any over the last three years. The company announced one record quarter after the other. However, things came out a little bit differently during 2022's Christmas quarter: Apple's primary production partner, Foxconn, almost completely halted production due to corona breakouts amongst the workforce. Additionally, the workforce initiated a strike against poor working conditions at Foxconn.

Production Bottlenecks
Due to this constellation of factors, it wan't possible for Apple to produce enough iPhone models to satisfy the demand for the Christmas quarter. Even devices ordered as early as December 2022 weren't deliverable by Christmas Eve in a timely manner. The iPhone 14 Pro and iPhone 14 Pro Max in particular were affected by these delivery problem whilst the iPhone 14 and iPhone 14 Plus remained available for a short time. However, due to the lack of novelties that arrived with the standard iPhone 14 line, most customers sought after the Pro models.



Official Numbers On February 2nd
Apple just reported that it will release it's official earnings report for the four calendar quarter (Apple's first finance quarter) on February 2, 2023. Cupertino made it clear at last quarter's conference that expectations for the current quarter would be rather dampened: In comparison to previous years, sales volume will sink – one of the primary reasons for which being the recent shifts in the currency market. Apple even foresees a significant decrease in sales volume for the Mac, especially given the diminishing novelty since the previous year's quarter and the introduction of the first MacBook Pro models with M1 Pro and M1 Max chips.

Last year's quarter achieved US$34.5 million in profit, with an overall revenue of US$123.9 million. Apple always releases its earnings report after markets close in the US – at 5PM EST, at which point the quarterly conference with Apple CEO Tim Cook and CFO Lucas Maestri will take place. During these conferences, the company usually provides some more interesting insights into its operations.

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