Apple blames chip shortages and slow supply chain for disappointing quarter
Apple shares slid slightly on Thursday after the company announced lower than expected revenue in the fourth quarter of 2021.
The company posted a quarterly revenue of $83.4bn, up 29% year over year but still short of analyst predictions of $84.85bn.
CEO Tim Cook attributed those shortcomings to supply chain issues, citing industry-wide chip shortages and “Covid-related manufacturing disruptions in Southeast Asia”.
“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion,” Cook added.
Apple launched a number of new products this quarter, including the iPhone 13, 13 Pro and 13 Pro Max, third-generation Airpods, and most recently, a new MacBook Pro model powered by a custom chip.
Read more on theguardian.com
