Apple shares took a dip after the iPhone maker warned that it could take a hit of up to $8 billion dollars in sales because of supply chain bottlenecks $AAPL
Both companies, along with Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere.A customers holds the new green colour Apple iPhone 13 pro shortly after it went on sale inside the Apple Store on 5th Avenue in Manhattan in New York City, New York, U.S., March 18, 2022. REUTERS/Mike SegarApple's overall fiscal second-quarter revenue was $97.3 billion, up 8.
However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates. Apple also raised its dividend 5% to $0.23 per share and the board approved a buyback for an added $90 billion in shares.
Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses.Apple said iPad sales fell 2% to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7% to $10.4 billion.
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