29 Apr 2022
Apple Anticipates Supply Shortages to Cut Sales Revenue by as Much as $8 Billion
The Index Today
Apple Inc. announced that it expects supply scarcity to slash its sales earnings by $4 billion to $8 billion during the ongoing fiscal quarter, which has resulted in a plunge in its shares.
As per Bloomberg News, Apple revealed that the prolonged lockdowns in China as the country battles its present outbreak of COVID-19, will have a significant effect on the June quarter sales. This has reinstated fears that supply chain disruptions will continue to impact the tech industry, after its brief rise from its pandemic-induced slump.
Following this, Apple’s shares plummeted by as much as 6.2% to $153.50 during late trading. This comes in addition to the company’s stock tumbling by 7.8% this year, reported Bloomberg News.
Apple’s CEO Tim Cook said over a conference call, “We are not immune to these challenges, but we have great confidence in our teams, and our products and services — and in our strategy.”