05 Feb 2023, 11:42 AM (GMT)

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Apple Shares Slip After China Factory Unrest

Apple joins other tech giants to slow down its hiring process amidst global economy meltdown

Shares of Apple Inc fell 1.4% Monday as growing worker unrest at the world’s biggest iPhone factory in China entertained worries of lower production levels of the iPhone 14 models, Reuters reports.

Reuters Friday reported that the Foxconn-operated plant could see a further drop in November shipments as thousands of employees quit amid discontent over strict COVID-19 restrictions to curb rising infections in China.

A Bloomberg News report citing a source said earlier in the day that there could be a shortfall of six million iPhone Pro units this year due to production-related problems.

Apple did not immediately respond to a request for comment.

“The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months,” J.P. Morgan analysts said.

U.S. customers wait for about 33 days for their iPhone 14 Pro and Pro Max models to be delivered home, and the same models are not available for in-store pickup, the brokerage said.

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