By Dan Moren
April 29, 2022 1:31 PM PT
The Back Page: Tim Cook, now with absolute candor
Luca: …and with that, let’s open the call to questions.
Operator: Our first question comes from Jan Key from Key Blur Financial. Go ahead.
Jan: Thanks for taking my question. Tim, you said that you’re facing a lot of headwinds in the next quarter. Can you talk about what impact that might have on gross margin?
Tim: Jan, this is Tim. You know we don’t provide specific guidance for gross margin. But what I can tell you is: yes, we expect to lose exactly 200 basis points in the next quarter, dropping our gross margins to about 33 percent.
Jan: … Uh. What?
Tim: 33 percent. That’s 5 percent less than this quarter. Not great, if you ask me.
Jan: That is very specific.
Tim: You’re welcome.
Jan: And you’re not concerned about that?
Tim: Of course I’m concerned.…