Apple sales and profit top estimates as iPhone dodges supply chain hits

Chief executive Tim Cook had warned in October that chip shortages were affecting the manufacturing of most Apple products.

Apple iPhone 13 

Apple today reported record sales in the holiday quarter, beating estimates as it benefited from high iPhone demand in China and withstanding supply chain constraints and Omicron-related disruptions.

Apple shares rose 1.75% in after-hours trading and are down 10% this year, in line with the broader market, as investors reconsider stocks that have soared during the pandemic and shift funds toward safer assets.