Shares of Apple slumped to an 18-month low this week amid iPhone supply issues and a wider stock market downturn. Apple’s stock closed at $126.04 on Wednesday, hitting its lowest level since June 2021 and is still in that region.

Apple’s manufacturing partner Foxconn has faced iPhone production restrictions for the past few months due to issues with COVID-19. Last month, workers protested poor working conditions resulting from COVID-19 restrictions at Foxconn’s main iPhone factory in Zhengzhou, China. The increasing spread of the virus has led to workforce shortages at Foxconn, although the Chinese government has since begun to ease some restrictions.

Last month, Apple issued a rare public warning stating that iPhone 14 Pro and iPhone 14 Pro Max shipments will be lower than previously anticipated due to restrictions in effect at Foxconn at the time.

Earlier this week, Taiwanese research firm TrendForce said that Foxconn’s factory’s capacity utilization rate has yet to rise above 70% since production problems began. The situation primarily affected the iPhone 14 Pro and iPhone 14 Pro Max, and increased demand for these devices resulted in several weeks of shipping delays. The standard iPhone 14 and iPhone 14 Plus models are both in stock at Apple’s online store.

Due to COVID-19 related issues, economic uncertainty, and the week-long Chinese New Year holiday next month, TrendForce believes iPhone production issues will continue into early 2023 and has reduced its iPhone shipment forecast for all models to 47 million units. fell from 52 million in the first quarter of the year.

Apple briefly had a valuation of $3 trillion earlier this year, but the company’s market cap is now close to $2 trillion again.

Popular Stories

Apple Launches Brand New CarPlay Experience with These 5 Essentials in 2023

At WWDC 2022 in June, Apple previewed the next generation of CarPlay, which promises deeper integration with vehicle functions such as air conditioning and FM radio, support for multiple displays in the instrument cluster, customization options and more. Apple has announced that the first vehicles to support the next-generation CarPlay experience will be announced in late 2023.

Deals: Anker Discounts A Wide Range of USB-C Chargers, Portable Batteries & More

Anker is kicking off the new year with even more sales on the best charging and power accessories, all available on Amazon. Below you’ll find deals on USB-C cables, wall chargers, portable batteries, MagSafe compatible wireless chargers, and more. Note: MacRumors is an affiliate of some of these vendors. When you click on a link and make a purchase, a small…

Kuo: Apple Plans to Launch New iPad Mini in Late 2023 or Early 2024

According to the latest information shared by TF International Securities analyst Ming-Chi Kuo, Apple is working on a new version of the iPad mini and bulk shipments are expected to begin in late 2023 or the first half of 2024. In a series of tweets today, Kuo said that a new processor/chip will be the main selling point of the new iPad mini, and the device…

5 New iOS 16 Features Coming to Your iPhone in 2023

Apple has recently released iOS 16.2 with many new features. Now, attention is turning to additional features coming to the iPhone in 2023. We’ve rounded up five iPhone features that Apple has previously promised to launch or expand, such as the Apple Pay Later financing option and an Apple Card savings account to earn interest from the Daily. in advance. At least one of the features listed below will be part of iOS…

Apple’s Next External Display: Everything We Know About Key Features and Launch Date

Apple is said to be planning to launch an all-new external display in a few months with a number of advanced features that surpass the company’s current two monitors. The screen, which is said to arrive in early 2023, is expected to be somewhere between the $1,599 Studio Display and the $4,999 Pro Display XDR.

This Apple Watch Ultra Ripoff Will Cost Less than $50

Indian brand Pebble plans to launch a new smartwatch that looks like an obvious Apple Watch Ultra replica. The watch looks almost exactly the same design as the Apple Watch Ultra and may even come with a fake Ocean Band. Priced at just the equivalent of $48, the Pebble Cosmos Engage is clearly made from inferior materials than the Apple Watch Ultra. For…

First Seasons of Popular Apple TV+ Series Available to Watch for Free Until January 3

Monday, December 26, 2022 20:37 PST Posted by Sami Fathi

The first season of popular Apple TV+ shows, including Ted Lasso, The Morning Show, Bad Sisters, and more, is free to watch on the streaming service until January 3. In the United States, non-Apple TV+ users can enjoy the first season of Ted Lasso, The Morning Show, Trying, Prehistoric Planet and Bad Sisters on iPhone, iPad, …