iPhone 14 Pro demand exceeds supply, says Apple CEO

Apple CEO, Tim Cook, spoke with CNBC to provide commentary on Apple’s third-quarter earnings report. When discussing iPhone demand, Tim Cook stated that the iPhone 14 Pro and iPhone 14 Pro Max are supply-constrained, and Apple is trying to keep up with demand. The Closing Bell live segment was responsible for sharing the information. An earlier report mentioned that the standard iPhone 14 models were easier to obtain for customers. 

Tim Cook said to CNBC, “We’re constrained right now on the 14 Pro and Pro Max and have been from the day we launched. And so obviously, we’re chasing supply there and trying to get as much supply as we can to solve the demand.”

Apple’s Third-Quarter Report and Cost-Cutting Measures

Cook also talked about cost-cutting measures taken by the company. He stated, “We are hiring deliberately. And so we’ve slowed the pace of hiring. And we’re going after cuts and our savings into commodities.”

Cook’s statement suggests that Apple is saving money through its supply chain. It gets to save thanks to market demand lowering, which lowers the cost of products like processors. Apple reported $90.15 billion of revenue in the third quarter of 2022, up 8% year-over-year. The iPhone was responsible for $42.6 billion despite the iPhone 14 lineup being on the market for only eight days of that quarter.

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