Apple Inc. warned that supply constraints would cost the company $4 billion to $8 billion in the current quarter, sending the shares down and casting a pall on record-setting results that the company just reported.
COVID-19 restrictions, which have swept China in recent weeks, will take a toll on the June quarter, the company said on a conference call Thursday. Last quarter’s sales and profit had topped analysts’ estimates, fueled by strong demand for the iPhone and digital services, and the company announced $90 billion in new stock buybacks.
The outlook renewed concerns that supply-chain woes will hamper the tech industry. Apple shares tumbled as much as 6.2% to $153.50 in late trading after the remarks.
