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Apple admits $4-8bn hit due to pandemic

Published

4 years ago

on

Apple has says it has taken a 4 to 8 billion dollar hit from the pandemic

The company is releasing its quarterly results, where it blamed COVID and the broader supply chain crisis as key challenges.

Chief Financial Officer Luca Maestri says the projected impact is “substantially larger than what we experienced during the March quarter.”

The Apple boss also notes how pausing all sales in Russia will hurt the company’s growth by about 1 basis point year-over-year.

Apple shares are down 3.5 per cent to 158 dollars in after-hours trading.

Before this earnings report, the company’s stock was down 7.8 per cent.

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Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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