Apple NZ cracks $1B in sales

Apple NZ cracks $1B in sales

Apple thrives as pandemic drives device demand, despite global component shortages.

Tim Cook (Apple)

Tim Cook (Apple)

Credit: Apple

Apple Sales NZ, the local trading company of technology giant Apple Inc, crashed through the NZ$1 billion sales milestone for the first time in the year ended 25 September 2021.

Sales increased from $965.5 million to $1.17 billion in the period while profit increased from $23.4 million to $28.8 million. Five years ago, Apple Sales reported revenue of $743.9 million while ten years ago they totaled $406.4 million.

Apple Sales NZ sells mobile phones, computers and related software. Its cost of sales increased from US$925.1 million to US$1.1 billion during the year.

Globally, Apple recorded sales of US$365.8 billion in its 2021 financial year, well up from US$274.3 billion in 2020. That 29 per cent surge still failed to meet expectations and the company's share price fell three per cent on the day.

“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around US$6 billion,” Apple CEO Tim Cook told CNBC’s Josh Lipton. “The supply constraints were driven by the industry wide chip shortages that have been talked about a lot, and COVID-related manufacturing disruptions in Southeast Asia.” 

Apple released a slew of new product during the year, including M1-powered Macs and, close to year-end, the 13th generation of the iPhone.

Apple Sales NZ paid $12.4 million in tax for the year, up from $8 million, but it is unclear from the accounts where that tax was paid. Media reports have suggested the company may have paid its tax in Australia rather than New Zealand, an arrangement which was legal.

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