Apple soars past sales, profit targets with strong iPhone demand, warns of chip shortages

FILE PHOTO: The Apple Inc logo is shown outside the company's 2016 Worldwide Developers Conference in San Francisco, California, U.S. June 13, 2016. REUTERS/Stephen Lam

(Reuters) -Apple Inc on Wednesday posted sales and profits ahead of Wall Street expectations fueled by 5G iPhone upgrades but warned a global chip shortage could dent iPads and Mac sales by several billion dollars.

Fiscal second-quarter sales to China nearly doubled and results topped analyst targets in every category, led by $6.5 billion more in iPhone sales than predicted and Mac sales about a third higher than estimates.