OAKLAND, Calif. — Apple Inc. on Thursday forecast bigger problems as coronavirus disease 2019 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.
He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, “substantially larger” than the hit in the second quarter. “We were all looking for just better guidance on what is really going on over there … and that didn’t come out,” said Louis Navellier, chief investment officer for Navellier & Associates.
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.Apple’s overall fiscal second-quarter revenue was $97.3 billion, up 8.6% from last year and higher than analysts’ average estimate of $93.89 billion, according to Refinitiv data.
Total profit was $25 billion, or $1.52 per share and easily topped analysts’ expectations of $23.2 billion and $1.43.
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