In recent news, Apple posted strong earnings for its fourth fiscal 2021 quarter stating that the earning for its services and Mac divisions was high. According to the Cupertino-based tech giant, it took in revenue of nearly $83.4 billion which is an increase of 29 percent with an earning per share of $1.24. However, these numbers seemed low according to Wall Street’s expectations.
According to the CEO of Apple, Tim Cook:
“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion.”
In regards to the supply issues, Cook added that these industry-wide chip shortages have been discussed especially the COVID-19 related manufacturing disruptions in Southeast Asia. In addition, Apple expects an even greater loss from these supply chain issues in the December quarter.
Despite the company releasing top-tier products such as the iPhone 13 series and the new 2021 MacBooks, Cook mentioned that the company is still trying to overcome the supply chain challenges while the high-end iPhones remain difficult to find in stock at numerous stores. Moreover, the new MacBook Pros have also been back-ordered. In a nutshell, buying an Apple product these days will be difficult due to the high demand and low supply.
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