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Sunday, May 29, 2022

Apple Q2 earnings: iPhone maker warns of serious supply headwinds in China

The company reported sales of $97.3 billion for its fiscal second quarter, up 9% from the year prior. Apple (AAPL)‘s iPhone business grew 5% to $50.6 billion during the quarter. Revenue from its services business climbed 17% from a year earlier to nearly $20 billion in the quarter. Mac revenue grew to $10 billion, despite supply contraints, thanks largely to consumer interest around its new in-house M1 chip.

The company experienced growth in nearly every category except the iPad, which also continues to face supply chain issues.

Shares of Apple initially rose in after-hours trading following the earnings results, before falling more than 4%. Apple’s board of directors also authorized a $90 billion increase to its share repurchase program.

CEO Tim Cook kicked off the earning call by recognizing the company’s efforts in Ukraine, such as donating products to support refugees arriving in…

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