Apple results hit by supply chain woes

Issues with Apple's supply chain cost them $6 billion in sales during the three months to September, according to CEO Tim Cook on Thursday.

While the company logged a record revenue of $83 billion in the last quarter, those results fell short of Wall Street expectations.

Cook told Reuters that Apple had seen 'larger than expected supply constraints' and manufacturing disruptions in Southeast Asia.

He added the global shortage of chips is affecting most of the company's products and the impact on sales may be even worse over the holidays.

Thursday's report makes for a rocky end to a fiscal year of sales that soared above expectations for Apple products, led by the iPhone 12 and strong sales of Mac computers and iPads.

But phone sales are a key area where Apple just fell short, according to Refinitiv data.

Cook says that chips made with older tech are still Apple's big bottleneck, and that whether the shortages ease after the holiday season is 'very difficult to call.'

There were some bright spots, however.

Apple's services, which includes sales from its App Store, saw a 26 percent jump and sales in key market China saw a leap of 83 percent to more than $14 billion.

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