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AP National Business

Apple delivers strong quarter, but warns of trouble ahead

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Published 2:46 PM

By MICHAEL LIEDTKE
AP Technology Writer

SAN RAMON, Calif. (AP) — Apple on Thursday reported strong quarterly results despite supply shortages, but warned that its growth slowdown is likely to deepen. The big issues: its struggle to get enough chips to meet demand and COVID-related shutdowns at factories in China that make iPhones and other products. Although its initial results for the January-March period topped analysts’ projections, the good news was quickly eclipsed when management warned of trouble ahead during a conference call. The main takeaway: Apple’s sales will sustain a $4 billion to $8 billion revenue hit because of chip shortages and curtailed iPhone production in China.

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