The company has told its component suppliers that demand for the iPhone 13 lineup has weakened, people familiar with the matter said, signalling that some consumers have decided against trying to get the hard-to-find item.
The company is still on track for a record holiday season, with analysts projecting a sales increase of 6% to US$117.9 billion in the final three months of the calendar year. But it won’t be the blockbuster quarter that Apple — and Wall Street — had originally envisioned. Shortages and delivery delays have frustrated many consumers. And with inflation and the omicron variant bringing fresh concerns to pandemic-weary shoppers, they may forego some purchases.
He pointed to supply constraints as the company’s biggest challenge. Cook predicted that the struggle to get enough components, particularly chips, would cost Apple more than US$6 billion in revenue during the holiday quarter. Last month, Apple’s main iPhone assembler, Hon Hai Precision Industry Co., predicted that its business will shrink this quarter from a year earlier — caused by declines in consumer electronics and computing — as it continues to suffer from the chip shortage. On Oct. 24, IQE Plc saw its shares fall 24% after it warned of softening smartphone demand, although the semiconductor company didn’t name any particular customer.
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