Apple, Inc. (NASDAQ:AAPL) reported mixed fourth-quarter earnings, sending shares lower in after-hours trading.
The Apple Analyst: Wedbush analyst Daniel Ives maintained an Outperform rating and $185 price target.
The Apple Thesis: Apple's fourth-quarter revenues of $83.4 billion missed the consensus estimate, with iPhone revenues of $38.9 billion trailing the consensus estimate of $41.3 billion.
With the "supply chain black cloud" impacting every sector, Ives said Apple's results showed the company isn't immune either. Supply chain constraint negatively impacted revenues, mainly that of iPhones, by about $6 billion, he added.
Every other product category, including the key Services segment, came in ahead of Wedbush's expectations.
"Ultimately it was supply chain that crashed the iPhone 13 party this quarter and will be an overhang into the December quarter," Ives wrote in the note.
The analyst, however, said he views this as transitory and it will in no way impact his long-term bullish view of Apple heading to a $3 trillion market cap in 2022.
Overall demand has been robust globally, the analyst said. Apple will be running into a major iPhone 13 unit shortage for the holiday season if consumer demand keeps up at this pace, he added. This is purely a supply chain issue and not a demand issue for iPhones.
Wedbush views any sell-off as a golden buying opportunity, given its robust view of Apple's demand story into 2022.
AAPL Price Action: In after-hours trading, Apple shares fell 3.53% to $147.19.
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