Saturday, Jun 3, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Business | Apple Faces Up To 8 Billion Revenue Hit Due To China Lockdowns

Apple faces up to $8 billion revenue hit due to China lockdowns

San Francisco: The ongoing Covid-19 lockdowns in China are set to make a huge dent in Apple revenue for the April-June quarter as the company has indicated up to $8 billion loss in sales especially owing to the Shanghai lockdown. As Shanghai entered the second month of lockdown and more cities in China face pandemic […]

By IANS
Published Date - 02:15 PM, Sat - 30 April 22
Apple faces up to $8 billion revenue hit due to China lockdowns
whatsapp facebook twitter telegram

San Francisco: The ongoing Covid-19 lockdowns in China are set to make a huge dent in Apple revenue for the April-June quarter as the company has indicated up to $8 billion loss in sales especially owing to the Shanghai lockdown.

As Shanghai entered the second month of lockdown and more cities in China face pandemic restrictions, demand for Apple products in the country might slow further, reports Nikkei Asia.

Apple CEO Tim Cook said in an earnings call this week that “we have estimated the constraints to be in the range of $4 to $8 billion and these constraints are primarily centred around the Shanghai corridor”.

“The COVID-related disruptions are also having some impact on customer demand in China,” added Apple CFO Luca Maestri.

The report said that more than half of Apple’s 200 main suppliers have facilities in Shanghai and the surrounding regions.

“The lockdowns and traffic restrictions disrupt a broad swath of business activities in the region,” the report said on Friday.

The iPhone maker is also facing industrywide silicon shortages, which will continue into the current quarter.

However, Cook said that “almost all of the affected final assembly factories have now restarted”.

“We’re also encouraged that the Covid case-count that’s been reported in Shanghai has decreased over the last few days,” he added.

In Shanghai, 31 companies run production facilities that supply to Apple.

According to reports, some Apple suppliers have reopened facilities in bubble-like environments where workers are staying inside the premises.

Apple’s biggest supplier Foxconn has kept production going at its biggest iPhone-assembly plant in the Chinese city of Zhengzhou.

In Shanghai’s outbreak, nearly all victims have been elderly, unvaccinated residents with underlying health problems, according to Chinese officials.

  • Follow Us :
  • Tags
  • Apple

Related News

  • Apple AR headset may come in 6 colours, 2 storage capacities

    Apple AR headset may come in 6 colours, 2 storage capacities

  • App Store developers generated $1.1 trillion in total billings and sales in 2022, reveals study

    App Store developers generated $1.1 trillion in total billings and sales in 2022, reveals study

  • Apple to discontinue ‘My Photo Stream’ service

    Apple to discontinue ‘My Photo Stream’ service

  • Apple’s biggest annual event to start from June 5

    Apple’s biggest annual event to start from June 5

  • Apple’s upcoming iOS 17 to transform locked iPhones into smart home-style displays

    Apple’s upcoming iOS 17 to transform locked iPhones into smart home-style displays

  • Apple launches health data privacy campaign globally, including in India

    Apple launches health data privacy campaign globally, including in India

Latest News

  • Amchoor prices hit an all-time high in Nizamabad

    2 mins ago
  • Odisha train accident: Lalu Prasad calls for high-level inquiry

    6 mins ago
  • David Warner plans to retire from Test cricket next year

    11 mins ago
  • Tinder adds ‘Happy Pride’ badge to help queer members find community

    13 mins ago
  • Hyderabad metro introduces user charges for using toilets at select metro stations

    20 mins ago
  • Sathupalli farmers created CM KCR’s portrait with grains

    27 mins ago
  • Rs 228 crore relief distribution to rain-hit farmers from today: Puvvada

    29 mins ago
  • Vande Bharat Express from Mumbai to Goa; check timing and ticket price

    36 mins ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam