Chip supply issues are still giving some of world’s biggest companies a major headache – By Sam Shead (CNBC) / May 2, 2022
- Apple CFO Luca Maestri said supply constraints related to Covid-19 could hurt sales by between $4 billion and $8 billion.
- Nokia CEO Pekka Lundmark said that the Finnish telco would have grown faster in the last quarter had it not been for supply chain issues.
- The lockdowns in China are adding to short-term uncertainty, Lundmark said in reference to Nokia’s chip supply chain.
An ongoing shortage of chips and other basic materials is forcing some of the world’s biggest tech and automotive companies to scale back their targets this year.
Apple CEO Tim Cook warned Thursday that the company was “not immune” to supply chain challenges, noting that the iPad business had “very significant supply constraints” during the most recent quarter.
The iPhone maker’s chief financial officer, Luca Maestri, said there are several challenges that need to be overcome in the current quarter, including supply constraints related to Covid-19 that could hurt sales by between $4 billion and $8 billion. Apple shares fell about 3.7% Friday following its earnings report.
Semiconductors are an essential piece of technology that allow a growing range of products to perform tasks they otherwise wouldn’t be able to. They’re in everything from toasters and kettles to fighter jets and Nintendo Switch consoles.
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