Apple shares fell after the world’s largest company missed earnings estimates owing to the global chip crisis, which it said would linger into the holiday period.
Tim Cook, chief executive, said “larger than expected supply constraints” cost the company $6bn in the three months to September, adding that the shortages would cost it even more in the holiday period — its most lucrative time of the year.
Supply constraints “affected the iPhone, the iPad and the Mac”, Cook told investors, citing chip shortages and “Covid-related manufacturing disruptions” in south-east Asia.
The company reported $83.4bn of revenue in its fiscal fourth