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Tuesday, April 30, 2024

High-flying tech giants buffeted by turbulent times, earnings show

Apple reported better-than-expected profits on robust consumer demand for its devices and services even as revenue growth slowed while it navigated an ongoing semiconductor supply crunch.

SAN FRANCISCO: Tech giants that saw good times during the pandemic are dealing with a “hangover” compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.

Amazon, Apple, Meta and Google-parent Alphabet released figures for the first quarter of this year that showed they are not impervious to turbulence roiling global markets.

“I want to acknowledge the challenges we are seeing from supply chain disruptions driven by both Covid and silicon shortages to the devastation from the war in Ukraine,” Apple…

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