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Apple likely to slash iPhone 13 production due to chip crunch

Reuters October 13 | Updated on October 13, 2021

FILE PHOTO: An Apple employee wearing a face mask walks past an image of an iPhone 13 Pro at an Apple Store on the day the new Apple iPhone 13 series goes on sale, in Beijing, China, September 24   -  REUTERS

Shares of Apple fell 1% to $140.08 in after-hours trading

Apple Inc is expected to cut down production of the iPhone 13 series by as many as 10 million units due to the global chip shortage, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Shares of Apple, which had projected to produce 90 million units of the new iPhone models by the end of this year, fell 1 per cent to $140.08 in after-hours trading.

Also read: Apple asks judge to pause Epic Games antitrust orders as it appeals ruling

The company told its manufacturers that the number of units would be lower because the tech giant’s chip suppliers including Broadcom Inc and Texas Instruments are struggling to deliver components, the Bloomberg report said.

Apple, Broadcom and Texas Instruments did not immediately respond to Reuters’ requests for comment.

The global chip shortage, including shortage of components and raw materials like substrates, has surmounted immense pressure on industries from automobiles to electronics, leading many automakers to even temporarily suspend production.

Published on October 13, 2021

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