Apple Shares Down 3% on Supply Chain Concerns, While Q2 Results Beat Estimates 
<p><a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple Inc. (NASDAQ:AAPL) </a>shares closed more than 3% lower on Friday following the company’s reported Q2 results. While both EPS of $1.52 and revenue of $97.28 billion beat the Street estimates of $1.42 and $93.98 billion, respectively, the market reacted on increased supply-chain and demand uncertainty (from China) looking forward.</p>
<p>Analysts at Deutsche Bank said they remain impressed with the company’s gross margins in a challenging market environment and with Services continuing to outgrow the rest of the business and the company benefitting from a mix shift towards higher-margin products, they believe the company can sustain these better gross margin levels going forward. </p>
<p>While the company did not provide revenue guidance, the analysts believe the biggest variable for Q3 will end up being the impact on consumer spending in China from the COVID-19 lockdowns, with the company already sizing the headwinds from FX, Russia and supply chain on revenue growth. </p>

NASDAQ:AAPL