Apple Inc (NASDAQ:AAPL) will announce record quarterly iPhone sales despite the computer chip shortage, some analysts expect.
The US$2.65tn tech colossus is due to announce its first-quarter 2022 results late on Thursday after markets have closed.
Stockbroker Wedbush said iPhone 13 sales were robust globally during a strong festive season, forecasting that Apple sold north of 40mln smartphones, a record number for the Cupertino-based company.
This performance was despite an unprecedented chip shortage out of Asia’s supply chain, analyst Daniel Ives added.
In China alone, there were approximately 15mln iPhone 13 upgrades in the last quarter, according to Wedbush estimates.
Ives said he felt the risk/reward for the shares “is very favourable” at current prices for a company he called a “safety blanket tech stalwart”.
He does not expect supply chain woes to halt Apple’s growth in 2022.
“While the supply chains issues have curtailed some growth for Apple, we believe the pent-up demand… is still being underestimated by investors,” Ives said.
Wedbush reiterated its ‘outperform’ rating for the US$2.65tn company, with a US$200 price target offering around 23% upside on its closing share price on Monday.