The manufacturer, along with several others in the region, was forced to operate within a “closed loop” system for seven days. Those problems have eased but aren’t over.Ĭhina’s tough stance against the virus has led to some production restrictions for supplier Foxconn as recently as this week. Before releasing its results Thursday, Apple’s stock had fallen about 11 per cent this year, slightly outperforming the S&P 500 Index.Īpple struggled to get enough supply last quarter after China’s Covid-19 precautions shuttered some factories and hamstrung deliveries. The iPhone maker is planning to slow hiring and spending for some teams in 2023, Bloomberg reported earlier this month. Though it’s faring better than some tech peers, Apple has grown more cautious as it confronts a sputtering economy. Apple shares gained more than 3 per cent in extended trading. In April, Apple warned that the problems would erase US$4 billion to US$8 billion from third-quarter revenue.Īgainst that backdrop, the latest numbers came as a relief. The company also has shown it can navigate supply chain constraints fueled in part by Covid-19 shutdowns in China. Still, the iPhone numbers suggest that Apple is weathering a slowdown in smartphone spending. Services, a key growth area for Apple, narrowly missed estimates. The company didn’t provide guidance for the fourth quarter, continuing an approach it adopted at the beginning of the pandemic.Īpple’s iPhone and iPad sales fared better than expected during the quarter, though other products - including Macs and wearables - fell short of projections. Earnings amounted to US$1.20 a share, topping the US$1.16 projection. Revenue rose 2 per cent to US$83 billion in the period, which ended June 25, compared with an average analyst prediction of US$82.8 billion. reported third-quarter results that narrowly beat Wall Street estimates, easing concerns that supply chain snags and a shaky economy would ravage the tech giant’s sales.
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