A shortage of chips has not had a huge effect on Apple as the tech giant has recorded a quarterly profit of $123.9bn (£92.6bn) and said the restraints would start to ease.

The iPhone maker’s revenues for the three months leading up to Christmas were 11 percent higher than a year earlier, despite a $6 billion hit from shortages, which the company had previously warned about.

Apple stated the shortages had primarily impacted older models of its products and the impact on the current quarter was projected to be less than $6 billion.

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The California-based digital behemoth, which became the first firm to be valued at more than $3 trillion earlier this year, recorded a profit of $34.6 billion for the holiday season, up 20% from the previous year.

Its earnings and sales results are above Wall Street projections, causing shares to rise more than 3% in after-hours trading.

Apple, which began shipping its new iPhone 13 model just days before the quarter beganstarted, said phone sales were up 9 percent year on year at $71.6 billion.

The iPad appeared to bear the brunt of processor shortages, with sales falling 14 percent to $7.2 billion.

Earlier this week, industry figures showed the iPhone increasing its market share in China to become the top-selling device in that country for the first time in six years.

Sales in Apple’s wearable, home and accessories category, which include AirPods and Apple Watch, climbed by 13% to $14.7bn.

On the impact of supply chain strains, finance director Luca Maestri told the Reuters news agency: “The level of constraint will depend a lot on other companies, what will be the demand for chips from other companies and other industries.

“It’s difficult for us to predict, so we try to focus on the short term.”

Apple’s high-tech laptops, accessories, and tablets have been in high demand during the period when people have been compelled to stay at home because of the pandemic.

It is also expanding its services division, which includes Apple TV+, Apple Music, and Apple Fitness, and saw a 24 percent increase in revenue to $19.5 billion in the most recent quarter.

The number of paying customers has increased to 785 million, up from 620 million a year ago and 745 million last quarter.

Apple Inc.’s world corporate headquarters located in Cupertino spans 856,000 square feet and houses about 16,000 employees.

Source: SkyNews

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