Apple shares slip on report of weak iPhone demand heading into holidays

Technology

In this article

A man passes by iPhone 13 Pro ad on an Apple storefront in Krakow, Poland on September 30, 2021.
Jakub Porzycki | NurPhoto | Getty Images

Apple shares were down nearly 3% Thursday following a Bloomberg report that said the company warned its suppliers demand is lower than expected for new iPhones this holiday season.

Apple’s stock resisted the omicron-fueled volatility in the market this week, but word of weak demand on top of the known supply chain issues rattled investors Thursday morning. An Apple spokesperson did not comment on Bloomberg’s report.

The current quarter marks the first full quarter Apple’s new iPhone model, the iPhone 13, will be available. Apple also introduced other new products ahead of the holiday shopping season, including a new version of AirPods and a redesigned MacBook Pro. But the iPhone remains Apple’s most profitable product, so any signs of weakening demand going into the holidays are sure to send the company’s shares lower.

Still, analysts expect Apple to report growing revenues for the quarter after it booked more than $100 billion in revenue for the first time in the holiday 2020 quarter. CEO Tim Cook told CNBC this fall that he expects revenue growth for the quarter, but predicted supply constraints will cost the company at least $6 billion in missed revenue.

Articles You May Like

Why BA still appears to have a Heathrow problem
It once cost £1 to get into Glastonbury – but now fans are feeling the effects of spending squeeze
Fierce local battles over power lines are a bottleneck for clean energy
Kalush Orchestra perform first UK gig at Glastonbury Festival – with set written in just days 
Teenage Pulsar Reveals Itself to Astronomers, Possibly the Strongest Ever to Be Identified