The two "giants" Amazon and Apple are struggling with global supply chain bottlenecks.
The business results for the third quarter of 2021 that the two companies announced on October 28 did not meet analyst expectations. Both warned that supply chain obstacles will continue to weigh on revenue and profit in the fourth quarter.
This is the rare time Amazon has missed Wall Street's forecasts for both revenue and profit. The company's net sales came in at $110.8 billion, up 15% year-on-year, but below the $111.6 billion forecast. Net profit fell year-on-year in 2020, to $3.2 billion, much lower than expectations of $4.6 billion.
As for Apple, third-quarter revenue reached $83.4 billion, slightly lower than analysts' forecasts. Revenue from iPhone was $38.9 billion, also falling short of expectations. However, the company's net profit reached 20.6 billion USD, equal to the forecast.
In a statement, Amazon CEO Andy Jassy warned that in the fourth quarter, the company could incur billions of dollars in additional costs due to "supply shortages, rising wages, supply chain issues, etc. Global response, transportation costs are increasing”. Amazon also said that the company could hit $140 billion in revenue in the last quarter of the year without making a dime in profit.
Apple CEO Tim Cook emphasized that Apple still set a new record for quarterly revenue despite many supply chain obstacles. "Demand is very strong," Cook said in a phone call with analysts. However, he said more severe-than-expected supply chain bottlenecks, including a chip shortage crisis, cost Apple about $6 billion in the past quarter.
After Amazon and Apple announced business results, the stock prices of both companies simultaneously plummeted in after-hours trading.
Amazon shares at one point fell 5%, causing the market capitalization to drop more than $87 billion, from $1.75 trillion at the close of the main session on October 28.
Apple shares also fell as much as 5%, causing "evaporation" of more than $121 billion in market capitalization, from $2.52 trillion at the close of the main session.
Thus, the capitalization of Amazon and Apple has dropped by a total of over 200 billion USD just a few hours after the business results were announced. It is not clear whether this decrease will maintain until the close of the official trading session on Friday.
Global supply chain disruptions due to the pandemic have grown increasingly intense in recent months, posing challenges for a range of industries. Many retailers, manufacturers, and economists simultaneously warn that bottlenecks in the global supply chain will make promotional discounts in the holiday shopping season at the end of this year not as large as in previous years. In addition, there may be a shortage of products on store shelves.
Over the years, Apple has built a sophisticated supply chain for its products. Amazon has also developed an advanced logistics network for deliveries. However, both are not immune from the current global congestion.
In particular, the influence comes at a critical juncture for the two companies. For Amazon, the year-end shopping season is the most important business period of the year. As for Apple, the company has just launched a series of new products, including the iPhone 13 smartphone series.
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