Apple said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead
Parts shortages will continue to hamper Mac and iPad sales, Maestri said, though the impact has been easing. They cost Apple under $4 billion in sales in the quarter ended June 25, less than it had forecast. Maestri said the company expects the hit to diminish further in the current quarter.
"In terms of testing the demand, you can't really test the demand unless you have the supply," Apple Chief Executive Tim Cook told analysts on Thursday. "And we were so far from that last quarter that we have an estimate of what we believe demand was. But it is an estimate."The new Apple iPhone SE is displayed at the Apple Store on 5th Avenue shortly after it went on sale in Manhattan, in New York City, New York, U.S., March 18, 2022.
The most recent economic woes include supply chain disruptions that have hit production of some Apple products such as iPads and Macs whose assembly locations were clustered near regions of China that went into COVID lockdowns. Apple also is confronting slow overall economic growth in China, where its fiscal third-quarter sales were $14.6 billion.
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