Apple warns of possible loss of $8 billion due to supply disruptions

by time news

Apple CFO Luca Maestri said on a conference call to mark the company’s financial results that the iPhone maker could lose between $4 billion and $8 billion in the next quarter due to supply chain disruptions.

According to Mr. Maestri, losses due to supply disruptions will be “significantly more significant” in the third quarter of Apple’s fiscal year than in the second.

Earlier it was reported that about half of Apple’s largest suppliers were in lockdown zones due to COVID-19 and were forced to temporarily stop production.

In addition, Mr. Maestri noted that the increase in cases of COVID-19 in China and the quarantine measures being introduced have hit the demand of Chinese consumers hard. He also mentioned the negative consequences of military operations in Ukraine.

Today, Apple reported a 14% increase in net profit for the first half of the year, to $59.64 billion in annual terms. The company’s revenue grew by 10% to $221.2 billion. At the same time, revenue for the quarter increased by 9% to $97.27 billion, which was a record for Apple.

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Kirill Sarkhanyants

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