Japan quake won't impact stock - Apple
Apple’s COO Tim Cook has said the company will not experience a major impact on stock because of the recent earthquake and tsunami in Japan.
According to the Wall Street Journal, Apple’s chief operating officer Tim Cook said the company did not experience any material supply or cost impact during the second quarter ending March 26 from the 11 March earthquake and tsunami. He also doesn’t expect to experience any major impact in the current quarter, either.
Cook did say the company experienced some revenue impact in its second quarter but it wasn’t material to its results. He also expects its third quarter revenues will be US$200m less in Japan, but the company has already factored this into its forecast.
He also warned that, because it wishes to keep a relationship with its partners in Japan, the situation is still "uncertain" and there were no guarantees.
Many Apple product components originate from Japan, including displays, memory chips and optical drives.
However, thanks to Apple's supply partners, the company's products may not be as badly affected.
“Apple employees have literally been working around the clock with our supplier partners in Japan and have been able to implement a number of contingency plans,” said Cook.
Cook said Apple would not feel much of an effect, thanks to the “outstanding teamwork and unprecedented resilience of our partners.”