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Apple shares drop on iPhone 13 production fears

  • Sun Online Desk
  • 13th October, 2021 03:27:34 PM
  • Print news
Apple shares drop on iPhone 13 production fears

 

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, reports BBC.

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

Widespread chip shortage

Millions of products across multiple industries today rely on computer chips to run and semiconductor makers' plants are currently working flat-out to meet demand.