Apple Stock ( NASDAQ:AAPL )
On Tuesday, Apple ( NASDAQ:AAPL ) stock reached a session low after a significant analyst said that the company’s iPhone 14 Pro sales might be much fewer than planned as the tech giant faces supply chain problems originating in China.
Ming-Chi Kuo, an analyst at TF International Securities, said in a tweet that sales of the iPhone 14 Pro and iPhone 14 Pro Max might be 15 million to 20 million units lower than projected.
According to Kuo, there are “significant negative risks” to Apple and the iPhone supply chain due to worker demonstrations at the Zhengzhou iPhone facility.
Following the tweet, shares of Apple (AAPL) dropped to a new low of $141.31, over 2% below their previous closing price. This brought the whole market with it.
Apple has been impacted due to recent demonstrations in China related to the country’s COVID-19 regulations, and Kuo is one of many analysts to make this observation.
Wedbush Securities, an investment company, said on Monday that the demonstrations in China over the weekend, triggered by the country’s stringent zero COVID-19 policy, may have had an even higher effect than predicted on the manufacture of the tech giant’s iPhones.
Wedbush Securities analyst Dan Ives noted in a research note that “the zero China Covid policy has been an utter gut blow to Apple’s supply chain” and that “the Foxconn demonstrations in Zhengzhou a bad eye for both Apple and Foxconn.”
Ives said that A...
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