Apple profit jumps in quarter but revenue misses mark

Apple on Thursday reported that its profit in the recently ended quarter leapt on massive revenue that still fell short of analysts' expectations.

The iPhone maker said its net income of $20.5 billion came on revenue of $83.4 billion, a record high for its quarter ending in September.

"We set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment," said Apple chief financial officer Luca Maestri.

Apple shares slid more than 3 percent to $146.75 in after-market trades that followed release of the earnings figures.

Apple last month rolled out a new line of iPhones for the all-important year-end holiday shopping season.

The line-up included an iPhone 13 Mini, which sells from $700, and the iPhone 13 Pro Max, which costs $1,100.

Apple is unlikely to meet production goals for its new iPhone before the holidays because of a global electronic chip shortage, according to a recent report.

The firm had planned to produce 90 million iPhone 13s before the end of the year, but will have to settle with 80 million as suppliers Broadcom and Texas Instruments cannot meet demand, the Bloomberg News said, citing sources familiar with the matter who asked to remain anonymous.

Chief executive Tim Cook warned during quarterly earnings reports in late July that supply chain constraints would have an even bigger impact on the current quarter than it had in the previous three months.

He pointed out that electronic chip shortages were affecting all parts of the industry, not just Apple, and stemmed from significantly higher-than-expected demand.

Apple is also facing pressure from regulators and software developers to loosen its grip on the App Store that serves as a sole gateway onto its coveted mobile devices, and takes commissions of purchases.

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