The American giant Apple announced, on Thursday, that its profits in the recently ended third quarter achieved a "huge jump" thanks to large revenues that came less than analysts' expectations, however.
The iPhone maker said its net profit was $20.5 billion on revenue of $83.4 billion, a record for the quarter ending in September.
"We delivered record revenue across all of our geographical divisions and product categories despite the uncertainty in the economic environment," said the company's chief financial officer, Luca Maestri.
Apple's stock fell more than 3 percent to $146.75 in after-market trading after the revenue figures were announced.
Last month, Apple launched a new set of iPhone phones before the festive season at the end of the year.
It is unlikely that Apple will be able to meet its production targets for the new iPhone before the holiday season due to the global shortage of electronic chips, according to recent reports.
And Bloomberg Network quoted informed sources that the company was planning to produce 90 million iPhone 13 phones before the end of the year, but it will now have to reduce production to 80 million phones because suppliers “Broadcom” and “Texas Instruments” will not be able to meet the demand.
In late July, Apple CEO Tim Cook warned during the quarterly earnings announcement that the shortages in supply chains will have more effects on the current quarter than in previous months.
He pointed out that the global shortage of electronic chips had an impact on all sectors of the industry, not just Apple, due to the massive demand higher than expectations.
Apple is also facing pressure from regulators and software developers to cut its commissions on the App Store, the only outlet for its highly sought-after mobile devices worldwide.
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