According to sources, Shanghai has lifted its two-month citywide lockdown, allowing 2.67 million firms to resume operations with caution.
In the company's most recent earnings call, Apple CEO Tim Cook stated, "we have estimated the limits to be in the range of $4 to $8 billion, and these constraints are predominantly focused around the Shanghai corridor."
"The Covid-related interruptions are also having an effect on consumer demand in China," Apple CFO Luca Maestri stated.
More than half of Apple's 200 major suppliers have operations in Shanghai and the neighbouring areas. In Shanghai, 31 businesses operate manufacturing facilities that supply Apple.
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