Apple CEO Tim Cook says chip shortage, COVID costed up to $8 billion to company
By Team Newsable | First Published Apr 29, 2022, 1:17 PM ISTThe Apple CEO also stated that he is quite satisfied with the iPhone 13 family of goods, which have provided Apple the overall results that the business has had on iPhones, with a revenue of $120 billion in the first half.
Despite an ongoing semiconductor scarcity and the ongoing COVID-19 pandemic, iPhone manufacturer Apple declared a record-breaking March quarter sales of $97.3 billion, a 9% rise over the same period last year. In an earnings call, Apple CEO Tim Cook stated that the chip scarcity and COVID-19 epidemic have cost the business between $4 billion and $8 billion.
Cook stated that he was "overjoyed to gauge public reaction to Apple's new products", as well as the company's progress toward being carbon neutral across its supply chain and products by 2030. He also stated that the firm is dedicated to becoming a positive influence in the globe. "We anticipate the limits to be in the $4 billion to $8 billion area," Cook told investors, adding that these constraints were primarily focused on the Shanghai corridor.
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Cook, on the other hand, stated that the good news is that all of these factories have now been reopened. Cook was also upbeat about the drop of COVID-19 cases in China's Shanghai area.
The Apple CEO also stated that he is quite satisfied with the iPhone 13 family of goods, which have provided Apple the overall results that the business has had on iPhones, with a revenue of $120 billion in the first half.
Apple CFO Luca Maestri, on the other hand, cautioned in an interview that the crisis in Ukraine, which forced Apple to suspend sales in Russia, will have a greater impact on sales in the fiscal third quarter. On the conference call, he warned investors that supply-chain concerns would reduce sales by $4 billion to $8 billion in the third quarter, which would be "significantly bigger" than the damage in the second quarter.
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