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Apple Stock Dips As Supply Chain Glitches Hit IPhone, IPad, Mac Sales

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deadline.com

Apples shares were down close to 4% in late trading after it reported quarters sales below expectation as Covid-related supply chain issues cited by companies across all sectors this earnings period weighed on sales of  iPhones.The company reported revenue of $83.4 billion for the fiscal fourth quarter ended in September, up 29% from the year ago but a bit below Wall Street’s forecast.

Earnings per share came came in at $1.24. That’s on a net income of a whopping $20.5 billion.CEO Tim Cook told CNBC the numbers were strong but the company took a $6 billion hit from chip shortages and supply chain issues in Southeast Asia.

Read more on deadline.com
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