Apple shares drop on reports of chip shortage


Apple’s shares dropped on Tuesday following reports it could slash its iPhone 13 production targets due to the ongoing global computer chip shortage.

The electronic giant had expected to make 90 million iPhones in the last quarter of 2021, reported Bloomberg.

However, Apple was now having to tell its partners that the total will be lower by as many as 10 million units, sources told the business magazine.

Apple shares fell 1.2% in after-hours trading on the news.

Semiconductor manufacturers Broadcom and Texas Instruments were also down 1%, as sources said they were struggling to deliver enough chips to Apple in time.

The BBC has approached Apple, Broadcom and Texas Instruments for comment.

In September, Apple launched four new iPhone 13 models: iPhone 13, iPhone 13 mini, iPhone 13 Pro and iPhone 13 Pro Max. Pre-orders started on 17 September and started shipping on 24 September.

Video: Apple to slash iPhone production due to chip crunch — Here’s what it means to chipmakers (CNBC)

Apple to slash iPhone production due to chip crunch — Here’s what it means to chipmakers

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