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Apple Inc (NASDAQ: AAPL) posted record sales in the quarter topping analysts’ estimates but also warned that supply chain constraints and China’s Covid-19 situation could affect business in the future.
The tech giant’s revenue for the second quarter grew 9% on an annual basis to $97.3 billion, beating estimates of $93.89 billion, according to Refinitiv.
Shares of the company, though, fell nearly 4% in the extended trading after Chief Financial Officer warned that in the current quarter the iPhone maker may face challenges related to supply chain issues and decline in demand in China due to Covid-19 spike.
Sales in the current quarter could be hurt by as much as $8 billion.
The iPhone business, which makes up about half of Apple’s annual revenue, grew 5% to $50.6 billion in the January- March quarter. Mac business also rose 15% to $10.4 billion.
Apple’s iPad sales, on the other hand, dropped 2.1% from a year ago to $7.6 billion in the quarter.
Apple raised its dividend by 5% to 23 cents per share. Apple also said that its board of directors authorized $90 billion in share buyback.
Earnings per share rose to $1.52 in the quarter from $1.40 a year earlier, beating estimates for $1.42 a share.
Picture Credits: Reuters
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