APPLE have warned that the new iPhone could be in short supply this holiday season as sales have skyrocketed.
The tech giant said that the new model of their signature device is selling fast and they haven’t been able to keep up with demand a month after the release.
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Supply chain issues earlier in the year and the rapid sales of the iPhone 14 seem to be at the root of the issue.
The company has sold $42.6 billion in iPhones this year, up 10 per cent from $38.9 billion in 2021.
Overall sales increased eight per cent on last year to $90.1 billion.
The new line of smartphone made up nearly half of Apple’s overall revenue, starting at $799 a pop.
Stock in the company has fallen 14 per cent so far this year, leaving its value at $2.5 trillion.
Despite it’s strong iPhone sales, overall sales have not increased as much as in previous years.
This suggests a weakening of overall demand and possibly increased popularity of the iPhone 14 Pro, which was hit by supply issues.
The numbers, published by Apple on Thursday, were an increasingly rare piece of positive news in an industry collectively warning of economic struggles ahead.
It comes as other major players in the tech world, including Microsoft and Amazon, have reported lower than expected revenue growth amidst global economic issues and the fallout from the pandemic.
Other companies affected include Alphabet, which owns Google, and Meta, which owns Facebook, WhatsApp and Instagram.
Bernstein Research analyst Toni Sacconaghi said: “We continue to worry about iPhone unit growth amid elongating replacement cycles following two strong years of sales — particularly in China — and an increasingly pressured consumer.”
He added that he expects the company to sell seven per cent fewer devices in 2023 compared to this year.
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