Amid fears of supply shortage, Apple posts historic quarterly results

Apple Inc. released quarterly earnings a few days back and to everyone’s surprise, the California-based company has posted the highest ever quarterly earnings. This is surprising as it was not quite expected as the world is going through a serious supply crunch of semiconductors. This indicates that the tech company has handled the challenges posed by chip shortage quite effectively. The results were released last Thursday and the company stated that its sales increased by 11% to never before $123.9 billion in the first fiscal quarter which is more than $119.1 billion predicted by analysts. Just a day after the stock price increased by 7% on Friday which is the biggest one-day jump in its price since 2020.