Bloomberg News quoted people familiar with the matter on Tuesday, reporting that Apple Inc is likely to cut production of the iPhone 13 by as much as 10 million due to a global chip shortage.
According to Bloomberg, the company was expected to produce 90 million new iPhone models by the end of this year. According to the report, Apple told manufacturers that chip suppliers such as Broadcom Inc and Texas Instruments are struggling to deliver components, resulting in fewer units.
Apple’s share fell 1.2% in overtime trading, while Texas Instruments and Broadcom both fell by about 1%.
Apple declined to comment. Broadcom and Texas Instruments did not immediately respond to Reuters’ request for comment.
Read more: Apple releases important software patches to fix security vulnerabilities
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In July, Apple predicted a slowdown in revenue growth and said a shortage of chips, which began to hurt its ability to sell Macs and iPads, would also weigh on iPhone production. Texas Instruments also softened its earnings outlook for the month, suggesting concerns about the remaining chip supply this year.
Chip crunches have put immense pressure on industries ranging from automobiles to electronics, and many automakers have temporarily stopped production.
With huge purchasing power and long-term supply contracts with chip vendors, Apple has survived the supply crisis more than many other companies. Some analysts predict that the iPhone 13 model, released in September, will have a good sales year as consumers are considering upgrading. A device for 5G networks.
2:55 Consumer problem: Global semiconductor chip shortage hits the automobile industry more than expected Consumer problem: Global semiconductor chip shortage hits the automobile industry more than expected September 20, 2021
Jeff Fieldhack, Research Director at Counterpoint Research, said Apple’s reported cuts in production are part of the normal launch process for iPhone makers, overordering devices in preparation for the first customer surge and revealing sales trends. He said it could reduce orders as it goes.
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According to Fieldhack, iPhone 13 sales are healthy and appear to be higher than last year’s iPhone 12, and Counterpoint hasn’t changed its fourth-quarter iPhone 13 sales estimate from 85 million to 90 million. ..
(Report by Chavi Mehta in Bangalore and Stephen Nellis in San Francisco, edited by Bill Berkrot and Leslie Adler)
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