5G Gives Apple 'Once-in-a-Decade Opportunity,' Says Cook

"we've ever had by far," he said. But supply shortages crossed categories. On whether iPhone supply will be able to meet demand through the rest of the year, Cook said supplies “are constrained today,” not surprising for the start of a launch, but it’s hard to predict when supply will free up. Supply is also constrained for the Mac, iPad and Apple Watch. China is ahead of the U.S. in 5G infrastructure rollout, with 600,000 base stations forecast by year-end, Cook said, “so we’re entering the market at a very good time.” The company has been collaborating with 5G carriers globally to ensure iPhone “has great throughput,” coverage, battery life and call quality, he said. On how Apple is preparing for the next wave of COVID-19, Cook said it's prioritizing safety first, turning stores into an “express storefront.” Apple also put more people answering phones “because a lot more people are reaching out to us that way.” The direct-to-consumer online store has remained operational through the pandemic, he noted. Chief Financial Officer Luca Maestri referenced uncertainties about the company's decision not to provide fiscal Q1 guidance. Apple posted record fiscal Q4 revenue Thursday for the period ended Sept. 26, despite delays that pushed the latest iPhones into fiscal Q1, said Maestri. Q4 revenue rose 1% year on year to $64.7 billion, with product revenue slipping to $50.1 billion from $51.5 billion a year ago, while services rose to $14.5 billion from $12.5 billion. All product categories grew double digits in the quarter, except for iPhone, due to the phones' delayed launches into October and November. In the quarter, iPhone sales were $26.4 billion, Mac sales grew to $9 billion, iPad sales to $6.8 billion, and wearables, $7.9 billion. Paid subscriptions grew more than 35 million sequentially, up 135 million from a year ago, said Maestri. Apple is on target to reach 600 million paid subscriptions by year-end. The stock closed down 5.6% at $108.86