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Thursday, October 27, 2022

Apple Warns It Could Be Hard to Buy an iPhone 14 Pro - CNET

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Apple's iPhone 14 Pro appears to be popular with customers, as its website and executives said Thursday the company hasn't yet caught up with demand, even though supply chain issues have eased. The comments were an unusual bit of positive news out of the tech industry, which has collectively begun warning of a worsening economy ahead of the holiday shopping season.

The tech giant said sales of its iPhone 14 line of phones rose to $42.6 billion, up 10% from $38.9 billion the same time a year earlier. The iPhone's continued success followed a similar rise in overall sales, which rose 8% to $90.1 billion, and its profits, which edged up less than 1% to $20.7 billion.

Some of Apple's successes came from the company's newly updated Mac computers, as well as its upgraded $399 Apple Watch Series 8, redesigned $249 AirPods Pro and newly announced $799 Apple Watch Ultra. Still, its most important product was the iPhone 14 series of phones, which start at $799 and made up nearly half the company's overall revenue.

Despite Apple's relatively successful report, Apple CEO Tim Cook acknowledged that the economy is looking "increasingly difficult," something his peers at companies including software maker Microsoft and chipmaker Intel have also warned. "A lot of people in a lot of places are struggling," he said during a conference call Thursday. "We are still living through unprecedented times."

Apple's stock closed regular trading down 3% to $144.80 per share and rose slightly in after-hours trading to $145.78. Still, the stock's fallen more than 20% so far this year, valuing the company at about $2.3 trillion.

Apple's financial disclosures add to a growing tapestry of information about world economy amid the coronavirus pandemic, Russia's war on Ukraine and nagging inflation. Other tech giants, including Google parent Alphabet, Facebook parent Meta and Amazon have said each of their businesses are being hit by economic troubles as well.

Apple said it tallied sales growth in each of its major product categories, except the iPad, whose sales dropped 13% to nearly $7.2 billion from the same time a year ago. Sales rose in nearly every major market in which it sells as well, including a 6% rise in China sales, 8% higher sales in the Americas, and a nearly 10% jump in European sales. In Japan, though, sales fell nearly 10%.

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October 28, 2022 at 03:37AM
https://news.google.com/__i/rss/rd/articles/CBMiVmh0dHBzOi8vd3d3LmNuZXQuY29tL3RlY2gvbW9iaWxlL2FwcGxlLXdhcm5zLWl0LWNvdWxkLWJlLWhhcmQtdG8tYnV5LWFuLWlwaG9uZS0xNC1wcm8v0gFaaHR0cHM6Ly93d3cuY25ldC5jb20vZ29vZ2xlLWFtcC9uZXdzL2FwcGxlLXdhcm5zLWl0LWNvdWxkLWJlLWhhcmQtdG8tYnV5LWFuLWlwaG9uZS0xNC1wcm8v?oc=5

Apple Warns It Could Be Hard to Buy an iPhone 14 Pro - CNET

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