Apple’s strong quarter suffers $6B blow from supply shortage

KIFI

Published October 28, 2021 3:12 PM

By MICHAEL LIEDTKE
AP Technology Writer

SAN RAMON, Calif. (AP) — Apple’s iPhone sales soared yet again in the past quarter, but didn’t grow as rapidly as analysts anticipated because of supply shortages that have made it more difficult to meet the demand for a wide range of products. Until recently, the shortages that affected everything from automobiles to video game consoles haven’t been a major problem for Apple. Although the company’s quarterly results released Thursday served as evidence of its products’ continuing success, they also showed Apple isn’t immune to the supply headaches. While Apple’s earnings matched analysts estimates, its revenue fell below projections. Apple CEO Tim Cook said supply shortages lowered sales by $6 billion.

Article Topic Follows: AP National Business

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