Apple CEO Says Christmas Is Going To Get Bad

( )- Apple CEO Tim Cook has warned that the supply chain could cause serious disruptions this Christmas, suggesting that the company may have trouble delivering all the devices that customers expect this holiday season.

It comes after both Apple and Amazon revealed disappointing results for the latest quarter on Thursday. The global supply chain, combined with a shortage of chips, has meant that technology companies have struggled to keep up with demand.

Speaking about the company’s lower-than-expected earnings over the last quarter, Tim Cook blamed the shortage of chips and said that customers looking to purchase new iPads, iPhones, Macs, and Apple Watches might need to wait until November or December for those devices to arrive.

If you’ve visited an Apple Store lately, you’ll no doubt have experienced these shortages already, with devices often completely out of stock and customers encouraged to make purchases online and wait several months for delivery.

“Most of what we design are leading-edge (chip manufacturing) nodes, but all of the products have some legacy node components in them as well,” Cook told Reuters.

He said that if the shortage of chips continues into Q1 2022, then it’s “very difficult to call” what the situation would look like.

This is the first time since 2016 that Apple has failed to do better than its earnings estimates. It’s also the first time that Apple’s revenues have missed estimates since 2017, interrupting a rapid growth for the company as it shifts away from being an hardware company to a services company.

Speaking to CNBC, Cook said that they saw a strong performance despite the supply constraints.

So if you want a new iPhone for Christmas…it might be wise to place that order now.