Apple’s fiscal Q4 earnings are out and while the company saw another record for revenue, there were some slight misses on expectations. CEO Tim Cook shared more details on what challenges the company is seeing like trying to keep up with iPhone 14 Pro demand.
Speaking with CNBC’s Steve Kovach, Cook shared more on the situation with iPhone supply and demand:
“We’re constrained right now on the 14 Pro and Pro Max and have been from the day we launched…and so obviously we’re chasing supply there and trying to get as much supply as we can to solve the demand.”
That lines up with previous reports we’ve seen:
Apple slightly missed expectations on Q4 iPhone revenue. But an important detail to remember is there was only just over a week of iPhone 14 and 14 Pro sales included in the period. Even so, Apple was able to grow YoY iPhone revenue by almost 10% and overall revenue for the quarter was up 8%.
Cook said another major factor for its Q4 performance was the foreign exchange rates:
“The foreign exchange headwinds were over 600 basis points for the quarter,” Cook told CNBC’s Steve Kovach. “So it was significant. We would have grown in double digits without the foreign exchange headwinds.”
On the whole, Cook was proud of the company’s performance noting it “countered the industry trends on the phone if you look at third party estimates…”
Read more on Apple’s Q4 results:
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Michael Potuck
Michael is an editor for 9to5Mac. Since joining in 2016 he has written more than 3,000 articles including breaking news, reviews, and detailed comparisons and tutorials.
