Apple Finally Feels the Effects of the Global Chip Shortage
- Supply constraints to knock revenue by as much as $4 billion
- Executives say chip shortages to crimp iPad, Mac sales
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Apple Inc.’s latest quarter was a blockbuster, with soaring revenue, record Mac sales, and stronger-than-anticipated iPhone demand. There was only one major snag: The global chip shortage is finally catching up to the company.
On a call with analysts, Chief Executive Officer Tim Cook and Chief Financial Officer Luca Maestri warned that supply constraints are crimping sales of iPads and Macs, two products that performed especially well during pandemic lockdowns. Maestri said this will knock $3 billion to $4 billion off revenue during the fiscal third quarter.