Apple lost $6 billion due to chip shortage and manufacturing delays, says CEO Tim Cook

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.