Reportedly, Apple Inc. (AAPL) MacBook assembler Quanta Computer Inc. reported declining profits amid Covid disruptions at its Shanghai campus.
- Net income stood at NT$3.96 billion ($132 million), down by 50%.
- Sales stood at NT$270.5 billion, versus the average analyst estimate of NT$258.4 billion.
Quanta announced in April its Shanghai site halted operations to comply with the local government’s Covid curbs. Spokesperson Carol Hsu said the company obtained approval to resume operations in a closed-loop system that same month, but the process was not smooth and faced disruptions due to logistics and a shortage of workers. The Shanghai unit returned to full production only in late June, she informed.
Chief Financial Officer Elton Yang, informed Quanta incurred significant expenses from keeping workers on campus and training new staff. The Shanghai disruptions are expected to continue to affect earnings in the third quarter, primarily from extra incentives that are being paid to retain enough workers.
Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.
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