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.
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