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Apple sales miss expectations, Tim Cook says supply issues cost company $6 billion
Apple revenue fell short of Wall Street expectations in its fiscal fourth quarter on Thursday, which Apple CEO Tim Cook attributed to larger-than-expected supply constraints on iPhones, iPads, and Macs.
“We had a very strong performance despite larger-than-expected supply constraints, which we estimate to be around $6 billion,” Cook said. “The supply constraints were driven by the industry wide chip shortages that have been talked about a lot, and COVID-related manufacturing disruptions in Southeast Asia.”
However, Apple’s overall revenue was still up 29% and each of its product categories grew on an annual basis.
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