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Apple CEO Tim Cook Says COVID-19, Chip Shortage Hurt Company By Up To $8 Billion

Tim Cook also said that he was very happy with the response iPhone 13 series has received. .

Tim Cook also said that he was very happy with the response iPhone 13 series has received. .

Apple reported revenues of $97.3 billion, up by 9 percent as compared to the same time last year.

Despite an ongoing chip shortage and the ever-lasting COVID-19 pandemic, iPhone-maker Apple has announced a record-breaking March quarter revenue of $97.3 billion, a 9 percent increase from the same time last year. Apple CEO Tim Cook in an earnings call said that the constraints from chip shortage and COVID-19 pandemic have affected the company in the range of $4 billion – $8 billion.

Cook said that he was “delighted” to see the response for Apple’s new products as well as the progress the company is making to become carbon neutral across supply chain and products by 2030. He also said that the company is committed to being a force for good in the world. “We’ve estimated the constraints to be in the range of $4 billion to $8 billion,” Cook told investors, further saying that these constraints were largely centered around the Shanghai corridor.

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Cook, however, said that the good part is that all these factories have now restarted. Cook was also optimistic with the fall in COVID-19 cases in the Shanghai region in China.

The Apple CEO also said that he is quite pleased with the iPhone 13 family of products which have given Apple the overall results that the company has had on iPhones, which for the first half the revenue was $120 billion.

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Apple CFO Luca Maestri, on the other hand, warned in an interview that the war in Ukraine, which led Apple to stop sales in Russia, would cut sales more deeply in the fiscal third quarter. He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, “substantially larger” than the hit in the second quarter.

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first published:April 29, 2022, 10:51 IST