“Apple sales miss expectations, Tim Cook says supply issues cost company $6 billion”
October 29, 2021
“Apple revenue fell short of Wall Street expectations in its fiscal fourth quarter on Thursday, which Apple CEO Tim Cook attributed to larger-than-expected supply constraints on iPhones, iPads, and Macs.
Apple fell under 3% in extended trading. “We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion,” Cook told CNBC’s Josh Lipton. “The supply constraints were driven by the industry wide chip shortages that have been talked about a lot, and COVID-related manufacturing disruptions in Southeast Asia.”
However, Apple’s overall revenue was still up 29% and each of its product categories grew on an annual basis…”
https://www.cnbc.com/2021/10/28/apple-aapl-q4-2021-earnings.html
revenue was up 29% despite supply chain issues. They are benefiting from supply and demand. Demand is higher because of supply chain issues which is driving up prices. The price hikes are offsetting the labor shortage.