(Businesshala) – Apple Inc is expected to cut production of the iPhone 13 series by 10 million units due to global chip shortages, Businesshala News reported on Tuesday, citing people familiar with the matter.
Shares of Apple, which was projected to produce 90 million units of the new iPhone model by the end of this year, fell 1% to $140.08 in after-hours trading.
The company told its manufacturers the number of units would be reduced as the tech giant’s chip suppliers, including Broadcom Inc. and Texas Instruments, are struggling to deliver components, the Businesshala report said. (bit.ly/3iUWcQ3)
Apple, Broadcom and Texas Instruments did not immediately respond to Businesshala requests for comment.
Global chip shortages, including a shortage of components and raw materials such as substrates, have put immense pressure on industries from automobiles to electronics, forcing many automakers to temporarily suspend production.