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

On October 28, Apple announced its financial results for the fiscal quarter that ended on September 25, 2021. The 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, the company's board of directors has declared a cash dividend of $0.22 per share on common stock and it will be payable on November 11, 2021.

As mentioned in the 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 the company has returned over $24 billion to its shareholders, as the company continues to make progress towards its goal of reaching a new cash neutral position. However, the company has also suffered a significant loss due to the ongoing chip shortage. 

Apple chip shortage, company loses $6 billion

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

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

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