Apple stock dives below $140 fueled by COVID lockdowns in China

The iPhone maker Apple (NASDAQ: AAPL) stock pulled back more than 20% after hitting its record high at the start of 2022. $AAPL touched their lowest level in a year this week. The stock bearish sentiment continues in the last couple of weeks as the stock market has experienced broader losses since the start of April.

Apple released a stellar earnings report by end of April for its second fiscal quarter of 2022, the revenue rose 9% year-over-year. But Apple stock failed to regain the upside momentum following the release of robust financial results after the company warned that supply chain constraints in China would cut into the company’s revenues in the upcoming quarter. Apple expects that Covid-related shutdowns in China and semiconductor shortages would lower its June-quarter sales by $4 billion to $8 billion.

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