Apple loses $6 billion due to chip shortage & manufacturing delays, says CEO Tim Cook

On October 28, Apple anunced its financial results for fiscal quarter that ended on September 25, 2021. company says that it has collected a September quarter revenue of $83.4 billion, which is a 29% rise over last year. According to an official post on Apple's online newsroom section, company's board of directors has declared a cash dividend of $0.22 per share on common stock and it will be payable on vember 11, 2021.

As mentioned in newsroom post, Apple CEO Tim Cook says "This year we launched our most powerful products ever, from M1-powered Macs to an iPhone 13 lineup that is setting a new standard for performance and empowering our customers to create and connect in new ways."

Apple's CFO, Luca Maestri has mentioned that company has returned over $24 billion to its shareholders, as company continues to make progress towards its goal of reaching a new cash neutral position. However, company has also suffered a significant loss due to ongoing chip short. 

Apple chip short, company loses $6 billion

Apple's CEO Tim Cook told CNBC that company estimates supply constraints to be around $6 billion, which were driven by industry-wide chip shorts and Covid-19 related manufacturing disruptions in Souast Asia. Earlier this month, re were reports about stock delays as Apple iPhone 13 Pro Max delivery schedules were extended up to vember 2021.

While some Apple iPhone 13 stock has been available throughout October, current delivery time ranges from three to four weeks on official website. 

Since Apple has just launched its latest lineup of smartphones and tebooks, it is important for company to tackle chip short and come up with iPhone 13 stock consistently. company has recorded revenue growth for all its services and products. While Apple iPhone revenue has increased to $38.87, 47% up by revenue last year, Apple services revenue has raised to $18.28 billion, which is up by 25.6% from last year. With latest MacBook Pro series powered by Apple M1 Pro and M1 Max, Cuperti-based company is expecting to grow its Mac revenues as well.