Apple Says Its Supplies Not Damaged By Japan Earthquake

The earthquake and tsunami that devastated Japan last month have not damaged Apple's supplies or inventory, the company revealed.

Tim Cook, Apple's Chief Operating Officer said in a statement that Apple products were stored far from the most heavily impacted areas following Japan's twin disasters, and he does not expect to have any problems in the immediate future.

The company has taken a hit in terms of sales, but has been careful not to dwell on their losses to avoid any negative publicity.

After cut its expectation for second quarter earnings by $200 million, Cook said that any negative financial impact resulting from the calamities "pales in comparison to the human impact," Apple Insider reports.

Since the earthquake hit Japan last month, the market has been flooded with rumors of a major impact on the component supplies for Apple products originating from the island country.

While releasing Apple's quarterly earnings, Cook explicitly rejected these rumors. Although demand for the iPad has gone down slightly, sales of other Apple products, especially iPhones, have risen dramatically. Apple stocks are up 3 percent after releasing quarterly reports that beat Wall Street expectations.