Apple said ongoing supply shortages, especially for advanced chips from TSMC, continue to limit production|Adam Fagen|CC BY-NC-SA 2.0
Apple reported its fiscal third-quarter performance yesterday. While revenue beat forecasts on strong iPhone and Mac demand, supply challenges and weakness in China and services tempered what could have been a clean win for the company.
The company expects Q4 revenue to grow between 9% and 11%, below Wall Street’s forecast of about 12%.
Apple said ongoing supply shortages, especially for advanced chips from TSMC, continue to limit production.
The iPhone maker also reported softer growth in its services business, mainly due to weaker App Store gaming revenue.
The report failed to win over investors, with shares falling in after-hours trading.
The results marked CEO Tim Cook’s final report to investors before he passes the CEO role to John Ternus on September 1.