Share to ClassroomApple Says Chip Problem Hits Shares
Apple says it will not have enough chips for its products. The news made Apple's share price fall about 7 percent. Tim Cook is the head of Apple. He said the price of memory chips is very high now. This makes the company earn less money on each product.
Apple still made a lot of money in the last three months. Sales went up 16 percent to $109.4 billion. Cook said Apple did not expect so many people to buy its products. Some Mac computers are already hard to find in shops.
Apple thinks the same problem will hit the iPhone and the iPad. The company also told investors that sales will grow more slowly. Cook will leave his job on 1 September. John Ternus will be the new head of Apple.
