Apple reports positive results despite shortages and economic fallout

The tech giant saw nearly $3tn in profits despite challenges created by the Russia-Ukraine war and the global supply chain

Apple on Thursday reported strong quarterly results despite supply shortages, but warned that its growth slowdown is likely to deepen. The company said it's still struggling to get enough chips to meet demand and is contending with Covid-related shutdowns at factories in China that make iPhones and other products.

Although initial results for the January-March period topped analysts' projections, the good news was quickly eclipsed when management warned of trouble ahead during a conference call.