Both Apple Inc. and Amazon.com Inc. had rare earnings disappointments on Thursday, which may lead investors to look in another direction for big holiday returns.
Apple reported a rare revenue miss — its first since the December quarter of 2018 — with revenue of $83.4 billion coming in $1.7 billion below analysts’ estimates of $85.1 billion for its fiscal fourth quarter. Since the pandemic, Apple no longer gives revenue guidance, but the bulk of the revenue shortfall came from iPhone sales, which came in $2.1 billion below analysts expectations. Sales of Macs and iPads, however, exceeded estimates.
These higher fulfillment and employee costs, like Apple’s supply-chain constraints, will continue in the fourth quarter, usually the biggest for consumer-related tech companies. Amazon CEO Andy Jassy said in a statement that Amazon expects to incur “several billion dollars of additional costs” in its consumer business, as it deals with “labor supply shortages, increased wage costs, global supply-chain issues, and increased freight and shipping costs.
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