NEW YORK, April 29 ― Apple reported better-than-expected profits yesterday amid continued robust consumer demand, but warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by US$4 (RM174.5 billion) to US$8 billion. The iPhone maker enjoyed another...
NEW YORK, April 29 ― Apple reported better-than-expected profits yesterday amid continued robust consumer demand, but warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by US$4 to US$8 billion.
“Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said on a conference call with analysts. The impact will depend on the speed of the ramp-up of production in the Shanghai area, where factories have recently begun to reopen after a Covid-19 lockdown, said chief executive Tim Cook, who said Apple was not “immune” to the inflation challenges roiling the economy.
In the March quarter, the technology giant reported earnings of US$25 billion, up 5.8 per cent from the year-ago period as revenues rose nine per cent to US$97.3 billion.
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