Apple shares slip on report of weak iPhone demand heading into holidays
Summary
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. Apples 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. 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 Apples most profitable product, so any signs of weakening demand going into the holidays are sure to send the companys shares lower. 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.
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