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Illustration: Aïda Amer/Axios

Apple reported quarterly sales and earnings that were far better than what analysts were expecting. But these numbers could’ve been even better if the company had access to more chips.

Why it matters: Over the past year, automakers have been the focus of the global chip shortage as these supply constraints have led to explosive prices in used cars.

  • But the chip shortage has also been having a material impact on other industries.

What they’re saying: After the company’s quarterly results were released on Tuesday, Apple CFO Luca Maestri told CNBC how the chip shortage held back sales.

  • "The shortage primarily affected Mac and iPad," Cook said. "We had predicted the shortages to total $3 to $4 billion. But we were actually able to mitigate some of that."
  • Cook noted that the company's shortfall came in at the lower end of that initially predicted range.

Threat level: "We expect supply constraints during the September quarter to be greater than what we experienced during the June quarter," Apple CFO Luca Maestri said on a call with analysts.

  • "The constraints will primarily impact iPhone and iPad."

The bottom line: Shortages will continue to be a problem for businesses aiming to maximize sales and profits. But on the bright side, it also reflects potential business activity that has yet to be realized.

Editor's note: This post has been corrected to show it was Apple CFO Luca Maestri who spoke on the call with analysts (not Apple CEO Tim Cook).

Go deeper

Nov 3, 2021 - Technology

Apple defends App Store's walled garden

Illustration: Aïda Amer/Axios

A top Apple executive sounded off Wednesday against a proposed European law that would force the company to let iPhone users download software outside of the App Store, also known as "sideloading."

Driving the news: Apple software senior vice president Craig Federighi told an audience at Web Summit in Lisbon, Portugal, that the EU bill, the Digital Markets Act (DMA), would be dangerous for iPhone users and limit consumer choice.

Things to do in Philly this weekend: Film fest, ice skating and cider

Illustration: Maura Losch/Axios

🎥 The Philadelphia Asian American Film Festival begins Thursday and runs through Nov. 14.

The Rothman Orthopaedics ice rink at Dilworth Park returns Friday for the holiday season. Prices run at $7 for adults, $5 for kids and $10 for rentals.

🍻 Grab a hard cider at CiderFest this Saturday and Sunday at Woodford Mansion in Fairmount Park, from 1-5pm. Tickets start at $25.

🍎 Take a trip outside Philly to the Peddler's Village Apple Weekend in Bucks County. Enjoy apple cider, apple pie, etc. The apple possibilities are endless! Oh, and it's free, but get there early because parking goes fast. Saturday and Sunday, from 10am-6pm.

2 hours ago - World

Report: LGBTQ+ Afghans' lives "dramatically worsened" under Taliban rule

Taliban fighters in Kabul, Afghanistan, earlier this month. Photo: Mohd Rasfan/AFP via Getty Images

LGBTQ+ Afghans have been threatened, attacked and "faced an increasingly desperate situation and grave threats to their safety" since the Taliban seized control of Afghanistan last August, per a report published Wednesday.

What they're saying: "We spoke with LGBT Afghans who have survived gang rape, mob attacks, or have been hunted by their own family members who joined the Taliban, and they have no hope that state institutions will protect them," per a statement from study co-author J. Lester Feder.