Apple (AAPL) Cut iPhone Production 20% in September and October, Assembly Line Stopped for ‘Several Days’ for the First Time in Over 10 Years - Nikkei
- Dow closes lower after disappointing bank results
- JPMorgan (JPM) Stock Falls 5% After Q4 Results, Top-Line Beats but 2022 Expense Outlook Disappoint, Analyst Expects Rising Wage Inflation to be a Key Earnings Theme
- Netflix raises monthly subscription prices in U.S., Canada
- Apple (AAPL) Stock Receives Three Price Targets Hikes Today, Wedbush Positive on Live Sports Content Opportunity
- Wells Fargo (WFC) Tops Street Estimates, Profit Fueled by Loan Demand and Cost Cuts
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Apple (NASDAQ: AAPL) has been experiencing severe supply chain bottlenecks this fall, according to a report in Nikkei Asia.
For the first time in over 10 years, the Cupertino-based titan was forced to stop the assembly line for “several days” as it continues to battle with severe chain issues and China’s power restriction.
Some workers were given time off instead of working extra shifts to meet the surging holiday demand, the report added. These challenges come after Apple already slashed the iPhone 13 production from 95 million to 83-85 million in 2021.
Production fell 20% of the initial goal in September and October, according to Nikkei. Moreover, iPad production fell 50% while production of older iPhones was down 25%. Accordingly, the situation improved in November.
This Nikkei report comes days after Bloomberg reported that Apple told its Asian suppliers that it is experiencing weaker demand for iPhone 13 going into the holiday season.
Apple share price trades 1.3% higher in pre-open Wednesday after recording a record high close of $171.18.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Apple's (AAPL) Vr/Ar Headset Launch Risks Being Delayed Until 2023 - Bloomberg
- Houghton Mifflin Harcourt (HMHC) Said to Explore Sale - Bloomberg
- Biogen (BIIB) eyes a list of potential acquisitions, working with Goldman Sachs - STAT
Create E-mail Alert Related CategoriesRumors
Related EntitiesPre Market Movers
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!