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Apple Reports Massive iPhone Sales Increase but Warns on Chip Supply 28 Jul 2021 Apple reported extremely strong third-quarter earnings this week beating analyst expectations, but despite strong results, the company’s stock price fell after executives warned that chip supply constraints could impact iPhones and iPads this quarter. CNBC reports that Apple reported strong third-quarter earnings this week, beating Wall Street expectations. Apple’s major product lines grew over 12 percent on an annual basis while the company’s overall sales were up 36 percent from June last year. iPhone sales increased nearly 50 percent on an annual basis. However, despite these promising numbers Apple’s stock was down over 2 percent in extended trading after the company warned on an earnings call that growth in the September quarter would not be as strong as the recently reported numbers.

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