Bloomberg
Apple Finally Feels the Effects of the Global Chip Shortage
(Bloomberg) — 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.The executives blamed “semiconductor shortages that are affecting many industries” and “very, very high” demand for iPads and Macs. Cook said the component shortages were for “legacy nodes,” implying the setbacks are for products using older generation processors. He wouldn’t specify how long the shortages will last, but noted that Apple did not experience this problem during the previous quarter.Earlier: Apple Sales Crush Estimates on Surging Device DemandThe electronics and automotive industries are among those that have been hurt by chip shortages since last year, when a sudden rebound in orders took the semiconductor industry by surprise. It takes months to ramp up production at chip factories, so demand is still outstripping supply.The World Is Short of Computer Chips. Here’s Why: QuickTakeApple had avoided any…
