Most analysts got Apple’s Q3 2021 wrong — here’s what they predicted

Apple reported Q3 2021 revenue and earnings that smashed expectations — meaning a lot of analysts were wrong. Here’s what analysts predicted for Apple’s June quarter, versus what Apple actually reported. The Cupertino tech giant obliterated Wall Street consensus with June quarter revenue of $81.4 billion, marking year-over-year growth of 36.3%. That number was also well above the consensus of $73.3 billion. Apple was up pretty much across the board. The company reported iPhone revenue of $39.6 billion, up 52% year-over-year. It also had iPad revenue of $7.4 billion, up from $6.6 billion in 2020, and Mac revenue of $8.2 billion, up from $7.2 billion. Services also hit $17.5 billion, up significantly from $13.2 billion in 2020. Wearables, Home, and Accessories also rose 36% year-over-year to $8.8 billion. Apple’s gross margins clocked in at 42.29% during the quarter, up 38% from 2020. Net profit grew to $21.7 billion, up 93% year-over-year. Lastly, Apple’s earnings-per-share was $1.30 for the quarter, smashing expectations. With how staggeringly wrong everybody was about the June quarter, here’s what individual analysts predicted for the fiscal period. Katy Huberty, Morgan Stanley Analyst Katy Huberty of Morgan Stanley forecast Apple revenue of $74.7 billion for the June quarter,… Read full this story

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