Apple's iPhone 17 and MacBook Neo Surge Amid Supply Challenges
Apple's strong demand for the iPhone 17 and MacBook Neo leads to a positive sales forecast, boosting shares by 4%. Despite ongoing chip supply constraints, Apple's sales projections exceed expectations. The company's financial strategy, involving a large share buyback and a robust presence in China, reassures investors during a leadership transition.
Apple celebrated a surge in demand for the iPhone 17 and MacBook Neo, elevating its sales forecast and increasing shares by nearly 4% after-hours on Thursday.
Despite facing chip supply constraints, Apple projected third-quarter sales growth of 14% to 17%, surpassing Wall Street's 9.5% estimate. This forecast, along with a $100 billion share buyback, reassured investors amid leadership changes.
CEO Tim Cook noted supply chain rigidity affecting iPhone availability but highlighted continued growth in services and sales in China. Apple's fiscal second-quarter profits exceeded expectations, with the tech giant poised to address rising memory chip costs in upcoming quarters.
(With inputs from agencies.)
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