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Apple posts sales and profits surge, warns of chip shortage
- Thursday | 29th April, 2021
(Reuters) -Apple Inc on Wednesday posted sales and profits ahead of Wall Street expectations fueled by 5G iPhone upgrades but warned a global chip shortage could dent iPads and Mac sales by several billion dollars. Apple Chief Executive Tim Cook said on an investor call that Apple avoided a chip shortage in the fiscal second quarter by burning through supply buffers. Those are the same class of older-technology chips bedeviling Ford Motor Co, which on Wednesday said the shortage slashed production in half in its second quarter. The last three quarters on Mac have been the strongest three quarters ever in the history of the Mac,” Cook told Reuters. Apple said iPhone sales were $47.9 billion compared with analyst estimates of $41.4 billion, according to data from FactSet.
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