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

YIFAN YU, Nikkei staff writer

April 29, 2022 06:45 JST

Updated on April 29, 2022 10:40 JST

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.