Company Of The Day: Apple
What?
Apple (NASDAQ:AAPL) is likely to cut its iPhone 13 production targets by as much as 10 million units for this year due to a shortage of semiconductor components, per a report from Bloomberg.
So What?
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The iPhone remains the largest driver of Apple’s business, accounting for $39.6 billion of the company’s $81.4 billion in revenue over Q3 FY’21. Now a production cut could hurt sales and profits to an extent over the lucrative holiday quarter. Apple stock fell by about 1.5% in after-hours trading on Tuesday.
See Our Complete Analysis For Apple
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