Apple shares slip on report of weak iPhone demand heading into holidays

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  • Apple shares fell on Thursday after a report that the company told its suppliers that iPhone demand was weakening over the holidays.
  • Apple previously warned that it would lose at least $6 billion in revenue for the holiday quarter due to a supply crunch.
  • But reports of weak demand on top of supply constraints weighed on stocks.

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Apple shares fell more than 3% in premarket trading on Thursday Businesshala report It said the company has warned that demand from its suppliers is lower than expected for new iPhones this holiday season.

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Apple stock weathered Omicron-fueled volatility in the market this week, but word of weak demand at the top of a known supply chain ruffled investors Thursday morning. An Apple spokesperson did not comment on Businesshala’s report.

The first full quarter Apple’s new iPhone model, the iPhone 13, will be available in the current quarter. Apple also introduced other new products ahead of the holiday shopping season, including a new version of the AirPods and a redesigned MacBook Pro. But the iPhone remains Apple’s most profitable product, so any sign of weak demand over the holidays is sure to put the company’s shares down.

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Still, analysts expect Apple to report rising revenue for the quarter after booking more than $100 billion in revenue for the first time in the 2020 quarter. CEO Tim Cook told Businesshala this fall that he expects revenue growth for the quarter, but projected supply constraints will leave the company at least $6 billion in revenue.

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