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Apple and Amazon beat expectations but still see profits slip as inflation bites

Tech giants Apple and Amazon saw dips in profits but still defied expectations as the US economy teeters on the edge of a recession.

The results came after the iPhone maker warned that its revenue would be depressed amid supply chain problems and pandemic-related shutdowns in China factories.

But the company said on Thursday that parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead.

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