Apple takes $6 billion hit on Covid and chips

Silicon shortages expected to worsen warns Apple CEO

Covid disruptions and the global chip shortage cost Apple $6 billion over the company’s last financial quarter ending September.

Apple CEO Tim Cook said he expected the chip drought to get worse before it got better.

Despite this hit Apple’s revenues were up by 29 per cent to £83.4 billion over the same period a year ago and demand for iPhone and iPad was robust.

“This fiscal year we reported $366 billion revenue which represents 33 per cent annual growth, We also achieved 20 per cent growth across all of our product categories,” said Cook.

“A year ago I spoke about the atmosphere of uncertainty in which we were living and how it had come to define our daily experience. Today much has changed, While we are still living through unprecedented times we are encouraged by progress throughout the world. We’ve aimed to hep our customers navigate the world as it is while helping them navigate the world as it can be.”