Apple says supply chain issues have cost the company $6 billion in the fourth quarter of the fiscal year.
“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion,” Apple CEO Tim Cook told CNBC.
“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,” he added.
Despite the supply chain issues, the company still made more than $83 billion in revenue, which is up 29 percent from the previous year. Each of the company’s product categories also grew this year.
The company is expecting to bring in its largest December revenue in history this year despite expectations more supply chain issues will occur.
However, the company has still missed Wall Street’s expectations this fiscal quarter and fell under 3 percent in extended trading, according to CNBC.
Apple’s inability to hit Wall Street’s expectations has dropped it from the title of the U.S.’s most valuable company.
Microsoft, for the first time in 16 months, has been named the most valuable company in the U.S.