Apple easily beat earnings expectations and set a new quarterly record for its fiscal second quarter ended March 26, 2022, but Apple expects to see a $4B – $8B hit from supply chain disruptions in the current quarter which sent its stock price lower in after-hours trading.
“Supply constraints caused by COVID-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said on a conference call related to Apple’s AAPL, +4.52% earnings report Thursday.
The company anticipates that it will see $4 billion to $8 billion in negative impacts related to the constraints in its June quarter, which Maestri added was “substantially larger” than what Apple experienced during its March quarter.
While Apple fell some sting from silicon shortages in the March period, it now faces new challenges brought on by temporary factory closures in China related to COVID-19 outbreaks, Chief Executive Tim Cook noted. He expects that the pressures will impact “most of the product categories,” even though some factories have now reopened.
MacDailyNews Take: As of this article’s publication, the price of Apple stock in after-hours trading is down $5.24 (-3.20%) to $158.41.
See also: Apple results beat Street with all-time quarterly revenue record of $97.3 billion and MacDailyNews presents live notes from Apple’s Q222 conference call.
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