Market Chatter: Apple to Raise Product Prices Amid Rising Memory Chip Costs, Cook Says

MT Newswires Live06-18 05:34

Apple (AAPL) is planning to increase prices of its products to compensate for rising memory and storage chip costs, The Wall Street Journal reported late Wednesday, citing Chief Executive Tim Cook in an exclusive interview.

Cook said the price hikes are "unavoidable" as the situation is now "unsustainable" despite the company working to soften the cost impact, according to the report.

Apple is ready to use its cash reserves to support memory supply, but more capacity is required, Cook told the media outlet.

Apple did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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