Apple (AAPL) released strong results as the iPhone maker’s earnings and revenue beat analysts’ estimates. Shares initially rose on the news but fell on worries about supply chain issues.
Apple warned that supply chain challenges remain even after the easing last quarter and that demand in China will be impacted by COVID-19 lockdowns. Apple executives suggested that the supply shortages could cost Apple between $4 billion and $8 billion in sales in the current quarter. The company also announced a $90 billion share buyback and increased its dividend by 5%.
Meanwhile, Amazon posted its first loss since 2015 amid faltering sales growth. Amazon (AMZN) shares fell over 11%, according to the report.
Amazon’s sales forecast fell below analysts’ estimates as consumers slow online spending and return to in-person shopping. The company also posted a nearly $8 billion loss on its investment in electric vehicle maker Rivian. The company’s AWS cloud business was…