TIM COOK: ‘We Didn’t Bet High Enough’ On iPhone Demand

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Apple posted a monster quarter that beat all expectations, but Tim Cook says the company could have done even better.Apple underestimated the demand for the iPhone 4S, and Cook even addressed this on Apple’s earnings call, saying, “We didn’t bet high enough.”

On the call, Cook told analysts, “We made a very bold bet entering the quarter as to what the demand would be. And as it turns out, despite it being a very bold bet, we were short of supply throughout the quarter and did end with a significant backlog.”

Imagine if there was no backlog! The company would have posted an even bigger number.

UPDATE: This post was originally titled “TIM COOK: ‘We Didn’t Bet High Enough’ On iPhone Demand In China” and it was based on a report from Bloomberg. That report is incorrect. Cook was talking only about demand in markets where the iPhone was on sale in the December quarter. We apologise for the mistake, and we thank commenter Sammy The Walrus for pointing it out.