Apple warns of serious supply headwinds in China
CNN
Apple topped Wall Street's estimates in its latest quarter and reported one of the strongest three-month periods in its history on Thursday thanks to record revenues for its services business and strong iPhone sales. However, the company warned that new Covid-related restrictions in China could hurt the current quarter.
The company reported sales of $97.3 billion for its fiscal second quarter, up 9% from the year prior. Apple (AAPL)'s iPhone business grew 5% to $50.6 billion during the quarter. Revenue from its services business climbed 17% from a year earlier to nearly $20 billion in the quarter. Mac revenue grew to $10 billion, despite supply contraints, thanks largely to consumer interest around its new in-house M1 chip.
The company experienced growth in nearly every category except the iPad, which also continues to face supply chain issues.
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