Apple In For Shortfall Of IPhone Pro Units Due To China Protest?

RTTNews | 1383 days ago

(RTTNews) - Apple Inc. may face production shortfall of as many as 6 million iPhone Pro units this year due to ongoing protests at its major China plant, Bloomberg reported citing a person familiar with assembly operations.

Following the news, Apple shares were losing around 2.2 percent in pre-market activity on the Nasdaq.

The tech major's key manufacturing hub of Zhengzhou has been affected severely by violent protests against Covid restrictions. iPhone Pro, Apple's most in-demand phones, are being produced at the facility, which is operated by Taiwanese company Foxconn Technology Group.

In China, increasing lockdowns due to record-high domestic daily Covid-19 cases, have fueled frustration among the population. There were violent clashes in "iPhone City" Zhengzhou, which plays a key role in the technology supply chain.

As per the report, estimate of lost production could change if lockdowns continue, and it also depends on when Foxconn can get workers back to production lines after protests.

Last week, Reuters had reported that Apple's iPhone production at the plant may fall at least 30 percent for November due to the unrest.

Earlier, Apple had warned that the shipments of iPhone 14 would be lower than expected due to the China Covid issues.

In October, certain employees had fled the iPhone production campus after food shortages. Workers, who replaced them, are now protesting over unpaid bonuses that were promised to them for continuing production at the plant despite the spread of COVID-19.

Tags: AAPL

Apple Signs Over $30 Bln Worth Chip Deal With Broadcom To Boost U.S. Manufacturing

Tech major Apple Inc. announced a new multi-year, over $30 billion worth deal with chipmaker Broadcom Inc. to produce more than 15 billion U.S.-made chips, aiming to accelerate manufacturing in the U.S. In the pre-market hours on the Nasdaq, Apple is trading 0.15 percent lower at $310.20, while Broadcom is gaining 0.29 percent, trading at $371.84.

RTTNews | 65 days ago

Apple @ 50: Five Decades Of Reinvention

April 1 marks 50 years of Apple Inc., the tech major whose inventions and innovations in the world of technology have brought a radical change in the lives of people over these years. Apple, which was founded on April 1, 1976 in a small garage by visionary Steve Jobs and others, has now become a tech titan offering consumer electronics, software and online services.

RTTNews | 163 days ago

Apple Adds New Partners, To Invest $400 Mln To Expand US Manufacturing

Apple Inc. announced the addition of new partners to its American Manufacturing Program or AMP, aiming to expand advanced manufacturing and critical component production in America and strengthen the tech major's domestic supply chain. Bosch, Cirrus Logic, TDK, and Qnity Electronics will join AMP, a key part of Apple's $600 billion, four-year commitment to U.S. manufacturing and innovation.

RTTNews | 168 days ago

Apple To Expand Renewable Energy Projects Across Europe

Tech major Apple Inc. has unveiled a significant expansion of its renewable energy projects across Europe to boost energy capacity to match the electricity customers use to power its products. The new solar and wind projects, all enabled by Apple, will add 650 megawatts or MW of renewable energy capacity in various European countries, including Greece, Italy, Latvia, Poland, and Romania.

RTTNews | 332 days ago

Apple Shares Down On $900 Mln Tariff Hit, Despite Strong Q2, Dividend Growth, $100 Bln Buyback

Shares of apple inc. were down around 4 percent in the after-hours trading on Thursday after the tech major said it sees $900 million hit from tariffs in the third quarter, as it shifts U.S. iPhone supply to India from China. This was despite reporting higher profit in its second quarter, above market estimates, with strong growth in revenues. The company also announced higher dividend...

RTTNews | 497 days ago

Apple, Google Restore TikTok To App Stores

Apple's and Alphabet's Google have restored TikTok, the popular short video app, to their mobile app stores in the United States, after President Donald Trump delayed a ban on the Chinese app after his inauguration, and gave assurance to its tech partners of no fine or further consequences.

RTTNews | 574 days ago

Apple Stock Gains On Upbeat Q1, Positive Outlook, Despite Weak IPhone, China Sales

Apple Inc.'s shares gained more than 3 percent in the after-hours trading on Thursday after the tech major reported higher profit in its first quarter, above market estimates, with strong growth in net sales. This was despite weakness in iPhone and Wearables sales, as well as in China. The company also declared a cash dividend. Further, in its first-quarter earnings call, Apple said it expects...

RTTNews | 589 days ago

Indian Regulator Denies Apple's Request To Pause Antitrust Report

Apple Inc.'s request to put on hold an investigation report that found the tech major breaching competition laws has been denied by the Indian antitrust regulator, Reuters reported citing an internal order. The Competition Commission of India or CCI has turned down the request, following which the case on Apple's app store practices on its iOS operating system will continue.

RTTNews | 655 days ago

EURUSD	1.1598	GBPUSD	1.3518
USDJPY	153.62	USDCAD	1.387