Apple Tumbles After iPhone Production Goal Slashed On Chip Shortage

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Apple Tumbles After iPhone Production Goal Slashed On Chip Shortage

So much for all those lofty production forecasts…

Hours after Apple announced the date of its next major product event, Bloomberg is reporting that Apple is likely being forced to slash production targets for the iPhone 13 by as many as 10MM units due to “prolonged chip shortages,” according to Bloomberg’s sources.

Per BBG, Apple was previously expected to produce 90MM new iPhones during the last three months of this year, but it’s now telling its subcontractors and manufacturing partners the total will be lower because Broadcom and Texas Instruments are struggling to deliver enough component chips.

The news sent Apple shares sliding after hours…

…taking the rest of the market with it.

Tyler Durden
Tue, 10/12/2021 – 16:14

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