iPhone 13 and Mac Sales Remain Strong, but COVID and Chip Shortages Strain Apple

From CNNET: At nearly 15 years old, Apple's iPhone remains one of the most popular consumer products of all time. During the holidays, the device helped Apple ring up record revenues and profits. And even now, with war overseas and nagging inflation at home, Apple's fortunes are still largely tied to the its phones.

The good news: People still keep buying them.

For its second fiscal quarter, covering the three months ending in March, Apple notched $50.6 billion in sales of iPhones, up more than 5% from the year prior. Its Mac computers, wearables and accessories continued to sell strongly as well.

But Apple warned that manufacturing and trade disruptions from COVID-19, combined with the ongoing silicon shortage, means things will likely get worse over the next few months.

"These times remind us that we cannot know what the future may hold," Apple CEO Tim Cook said during a conference call with analysts Thursday. COVID disruptions, he noted, have been difficult to predict. He noted that disruptions from recent health lockdowns in China, among other issues, will add up to between $4 billion and $8 billion in unsold products because of lack of inventory. And that's "substantially worse" than what happened over the past three months.

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