Apple, Amazon results spark fears of an unhappy holiday season

Apple said sales of its signature iPhone and iPad were held back due to supply constraints, while Amazon struggled to get products and enough workers to meet demand. Added together, the tech giants delivered a clear message to investors: This holiday season is going to be difficult. — AFP

Apple Inc and Amazon.com Inc reported disappointing quarterly results in a sign that the global supply-chain crisis is hobbling even the mightiest companies, erasing hundreds of billions of dollars from their combined market valuations.

Amazon, the world’s largest e-commerce company, is suffering because of a surge in the cost of labour and fulfillment. Apple, meanwhile, is taking a hit because it can’t meet demand for its products.