Apple soars past sales, profit targets with strong iPhone demand, warns of chip shortages – News 24-7 Live News 24-7 Live
Apple soars past sales, profit targets with strong iPhone demand, warns of chip shortages

Apple soars past sales, profit targets with strong iPhone demand, warns of chip shortages

Apple Inc on Wednesday posted sales and profits ahead of Wall Street expectations fueled by 5G iPhone upgrades but warned a global chip shortage could dent iPads and Mac sales by several billion dollars.Fiscal second-quarter sales to China nearly doubled and results topped analyst targets in every category, led by $6.5 billion more in iPhone sales than predicted and Mac sales about a third higher than estimates.

Apple also announced a $90 billion share buyback, a day after Alphabet Inc promised to repurchase $50 billion in stock.Apple Chief Executive Tim Cook said on an investor call that Apple avoided a chip shortage in the fiscal second quarter by burning through supply buffers.

News Source: Hindustan times

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