Apple Faces Supply Problems Despite Record Profit In Q2

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Apple has said it is facing supply problems in the current quarter that could hurt sales and slow growth.

According to Apple Chief Financial Officer Luca Maestri, the ongoing war in Ukraine is having a big impact on sales after the company halted sales in Russia.

Apple’s decision to suspend sales in Russia would further limit the company’s sales in the third quarter. Along with other problems such as COVID-19 restrictions and chip bottlenecks, Maestri announced that supply chain problems would weigh on third-quarter sales by $4 billion to $8 billion.

Apple’s revenue in the second fiscal quarter was $97.3 billion, up 8.6 percent from a year earlier and higher than the average analyst estimate of $93.89 billion.

Total profit was $25 billion, or $1.52 per share, beating analysts’ expectations of $23.2 billion and $1.43 per share.

Apple’s iPad sales fell to $7.65 billion in the second quarter due to supply chain problems. Despite supply chain problems, Mac computers rose 14.7% to $10.4 billion. Sales of wearables, speakers and accessories rose 12% to $8.8 billion.

The sources for this piece include an article in Reuters.

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