Apple Says China Lockdowns Threaten Firm's Sales
Apple Inc. cautioned Thursday that the resurgence of COVID-19 in China threatens to hinder sales by as much as $8 billion in the current quarter—a setback after seeing supply-chain improvements during the first three months of the year.
Photo Insert: Apple Store Shanghai
The guidance from the iPhone maker came shortly after the company posted one of the best quarters in its 46-year history, Tim Higgins reported for the Wall Street Journal (WSJ).
The whipsaw of news sent the company’s stock on a jolting ride in aftermarket trading—first rising 2%, then falling more than 5%.
Apple depends on Taiwan companies operating in China to assemble their cellular phones as it takes advantage of cheaper labor in Shenzhen and other manufacturing hubs.