Apple stock closes higher after upbeat outlook, but chip squeeze keeps traders cautious
Apple closed up 0.3% at $259.48 after warning that rising memory-chip costs are squeezing profits, despite forecasting 13–16% revenue growth for the March quarter. CEO Tim Cook said processor shortages continue to constrain supply. First-quarter revenue reached $143.8 billion, with iPhone sales at $85.27 billion. Apple set its annual shareholders meeting for Feb. 24.