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Apple cutting iPhone Christmas production by 10 million units due to chip shortage – media — RT Business News

US tech giant Apple is reportedly planning to slash its iPhone production goals in 2021 amid growing shortage of semiconductors around the world. The news has triggered an immediate 1.2% drop in the company’s share value.

The Cupertino-based corporation expected to produce 90 million ‌iPhone 13‌ models in the final three months of the current year, but had to reduce the target by as many as 10 million units due to the shortages of vital components, according to people with knowledge of the matter as quoted by Bloomberg.

Apple’s key suppliers, Broadcom and Texas Instruments, are facing challenges in delivering key components used in phones. The ‌iPhone 13‌ models, launched this fall, are reportedly using a Broadcom AFEM-8215 front-end module and a Broadcom BCM59365 wireless power receiver, along with display power management IC, array driver, flash LED driver, and dual repeater from Texas Instruments.

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The news reportedly forced Apple to instruct other parts of its manufacturing pipeline to cut back as well. Shares of Apple dropped 1.47% to trade at $139.43 in after-hours trading after losing 0.9% in the regular session.

Meanwhile, Broadcom shares declined by 1.1% to $480. Texas Instruments fell nearly 1% to $186.51 in after-hours trading.

The global shortage of semiconductor chips has been sabotaging major industries, hitting hundreds of companies, from producers of electronics to automakers. Analysts expect the crisis to extend into next year and potentially beyond.

For more stories on economy & finance visit RT’s business section

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