Apple, Amazon Results Spark Fears of Unhappy Holiday Season
- Companies face challenging supply chain and mounting costs
- ‘Expectations are going to come down, across the board’
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Apple Inc. and Amazon.com Inc. reported disappointing quarterly results in a sign that the global supply-chain crisis is hobbling even the mightiest companies, erasing tens of billions of dollars from their market valuations.
Amazon, the world’s largest e-commerce company, said its entire fourth quarter profit could be wiped out because of a surge in the cost of labor and fulfillment. Apple, meanwhile, said it lost $6 billion in sales because it can’t meet demand for its products, and could lose more next quarter.