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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Apple likely to cut iPhone 13 production due to chip crunch -Bloomberg News

10/12/2021 | 10:07pm EST
FILE PHOTO: Apple iPhone 13 series goes on sale in Beijing

(Reuters) -Apple Inc is likely to slash production of its iPhone 13 by as many as 10 million units due to the global chip shortage, Bloomberg News reported on Tuesday, 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. The report https://bit.ly/3iUWcQ3 said Apple told its manufacturers that the number of units would be lower because chip suppliers including Broadcom Inc and Texas Instruments are struggling to deliver components.

Shares of Apple fell 1.2% in after-hours trading, while Texas Instruments and Broadcom were both down about 1%.

Apple declined to comment. Broadcom and Texas Instruments did not immediately respond to Reuters requests for comment.

In July, Apple forecast slowing revenue growth and said the chip shortage, which had started hitting its ability to sell Macs and iPads, would also crimp iPhone production. Texas Instruments also gave a soft revenue outlook that month, hinting on chip supply concerns for the rest of the year.

The chip crunch has put immense pressure on industries from automobiles to electronics, leading many automakers to temporarily suspend production.

With its massive purchasing power and long-term supply agreements with chip vendors, Apple has weathered the supply crunch better than many other companies, leading some analysts to forecast that iPhone 13 models released in September would have a strong sales year as consumers looked to upgrade devices for 5G networks.

Jeff Fieldhack, research director for Counterpoint Research, said the reported Apple production cut could also be part of the iPhone maker's normal launch process of over-ordering devices to be prepared for an initial customer rush and then trimming orders as sales trends become clearer.

Fieldhack said iPhone 13 sales appear to be healthy and higher than last year's iPhone 12, and Counterpoint is not changing its estimate of 85 million to 90 million iPhone 13 sales for the fourth quarter.

(Reporting by Chavi Mehta in Bengaluru and Stephen Nellis in San Francisco; Editing by Bill Berkrot and Leslie Adler)

By Stephen Nellis


ę Reuters 2021
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2022 379 B - -
Net income 2022 92 358 M - -
Net cash 2022 81 081 M - -
P/E ratio 2022 27,5x
Yield 2022 0,58%
Capitalization 2 573 B 2 573 B -
EV / Sales 2022 6,58x
EV / Sales 2023 6,27x
Nbr of Employees 154 000
Free-Float 99,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 44
Last Close Price 156,81 $
Average target price 167,15 $
Spread / Average Target 6,59%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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