The company said it’s still struggling to get enough chips to meet demand and contending with COVID-related shutdowns at factories in China that make iPhones and other products.
Although initial results for the January-March period topped analysts’ projections, the good news was quickly eclipsed when management warned of trouble ahead during a conference call.
The main takeaway: Apple’s sales will be squeezed by the supply problems much harder in the current April-June quarter than in its previous one. The company estimated it would take a hit to revenue of $4 billion to $8 billion as a result.
“It will affect most of the product categories,” Apple CEO Tim Cook told analysts.
Apple’s stock price fell 4% in extended trading, reversing a positive response after the Apple report initially came out. Before the sobering forecast lowered the shares even further, Apple’s stock had fallen 10% from its peak in early January.
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