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Technology

Apple braces for revenue hit of up to $8bn on Shanghai lockdown

China demand slows, silicon in short supply but most assembly plants back online

Apple's revenue grew nearly 9% on the year in the quarter ended in March.   © Reuters

PALO ALTO, U.S. -- Apple on Tuesday posted record revenue for the quarter through March, driven by robust iPhone sales. But the U.S. technology giant faces a tougher road ahead as sales growth in China slows and coronavirus-related lockdowns paralyze its supply chain hub there.

Overall revenue grew 9% on the year to $97.3 billion for the three months ended March 26, beating Wall Street forecasts.

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