Tim Cook says iPhone sales, which slightly missed Q2 estimates, were held back by chip supply constraints, as "demand was off the charts" (Reuters)

Apple's Q2 2026 results exceeded Wall Street expectations with $111.18B revenue (up 17% YoY) and record profitability, driven by extraordinary iPhone 17 demand that was constrained by chip supply issues—a critical reminder that IT infrastructure and supply chain resilience directly impact revenue outcomes. The 200+ basis point revenue headwind from supply constraints underscores that hardware availability, memory costs, and component sourcing are now material business risks that technology leaders must actively manage alongside traditional IT operations. For CIOs, this signals the strategic importance of supply chain visibility, inventory optimization, and working closely with procurement to mitigate future constraints that could impact growth.