Apple lost $6 billon this quarter due to chip ongoing shortage and manufacturing delays

The ongoing COVID-19 pandemic finally hits Apple

iPhone 13

In its fiscal fourth-quarter 2021 earnings report, Apple revealed that it earned revenue of $83.4 billion (about $102.96 billion), a year-over-year increase of 29 percent.

However, this number is well below Wall Street expectations of $84.85 billion (roughly $104.7 billion CAD). In an interview with CNBC, Apple CEO Tim Cook said that supply chain constraints had a significant impact on Apple’s earnings this quarter.

“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion,” said cook. “The industry-wide chip shortages that have been talked about a lot and COVID-related manufacturing disruptions in Southeast Asia.”

This fall, Apple released the iPhone 13 series, a redesigned iPad Mini, the 9th-gen iPad, the Apple Watch Series 7, 3rd-gen AirPods and the MacBook Pro (2021). Though Apple’s iPhone 13 wasn’t released until the latter half of this financial quarter, it experienced 47 percent growth over last year. Apple’s iPad is also up 21 percent when compared to last year.

Both the iPhone 13 and new MacBook Pro have been difficult to hunt down amid shortages, with shipping dates in some cases several weeks (or months) away. Though it’s still unclear, it’s likely that Apple’s product shortage issues will continue into the holiday season.

Source: Apple Via: CNBC