Apple Inc. is overcoming the costly global shortage in computer chips, posting record sales over the holiday quarter, beating profit estimates and forecasting that its shortfall is narrowing.
The iPhone maker, which is world’s largest company by market capitalization, has handled supply-chain challenges such as factory shutdowns and shipping delays brought on by the pandemic better than any of its top peers, analysts said. Apple shares rose about 5 percent in after-hours trading, erasing half their losses on the year. The gains came after the company teased its ambitions for augmented reality in the metaverse.
