Apple Inc is likely to cut down production of the iPhone 13 by as many as 10 million units due to the global chip shortage, Bloomberg News reported, citing people familiar with the matter.
The company was expected to produce 90 million units of the new iPhone models by the end of this year, according to Bloomberg and the report added that Apple told its manufacturers that the number of units would be lower because the tech giant’s chip suppliers including Broadcom Inc and Texas Instruments are struggling to deliver components.
Shares of Apple fell 1.2% in after-hours trading, while those of Texas Instruments and Broadcom were both down about 1%.
