Apple expects lower shipments of high-end iPhone 14 models than previously anticipated following a significant production cut at a virus-blighted plant in China, dampening its sales outlook for the year-end holiday season
"The facility is currently operating at significantly reduced capacity," Apple said in a statement on Sunday without elaborating how much production has been impacted.
"Anything that affects Apple's production obviously affects their share price," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. It said it would implement new measures at the plant to curb the spread of COVID-19, including a system that wouldShares in Foxconn fell 0.5% in early trade on Monday, lagging a 1.2% rise in the broader indexChina ordered an industrial park that houses the iPhone factory to enter a seven-day lockdown on Wednesday, in a move set to intensify pressure on the Apple supplier as it scrambles to quell worker discontent at the base.
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