Corporate News
Apple likely to slash iPhone 13 production due to chip crunch: Report

Apple Inc is likely to slash production of its iPhone 13 by as many as 10 million units due to the global chip shortage, Bloomberg News reported on Tuesday, citing people familiar with the matter. The company was expected to produce 90 million units of the new iPhone models by the end of this year, according to Bloomberg. The report https://bit.ly/3iUWcQ3 said Apple told its manufacturers that the number of units would be lower because chip suppliers including Broadcom Inc and Texas Instruments are struggling to deliver components. Shares of Apple fell 1.2% in after-hours trading, while Texas Instruments and Broadcom were both down about 1%. Apple declined to comment. Broadcom and Texas Instruments did not immediately respond to Reuters requests for comment. In July, Apple forecast slowing revenue growth and said the chip shortage, which had started hitting its ability to sell Macs and iPads, would also crimp iPhone production. Texas Instruments also gave a soft revenue outlook that month, hinting on chip supply concerns for the rest of the year. The chip crunch has put immense pressure on industries from automobiles to electronics, leading many automakers to temporarily suspend production.

News Source:- https://www.business-standard.com/article/technology/apple-likely-to-slash-iphone-13-production-due-to-chip-crunch-report-121101300090_1.html