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Apple Inc (NASDAQ: AAPL) is trading lower Wednesday on reports the company may cut iPhone production by 10 million units.
According to reports, Apple might be cutting its production schedule for the iPhone 13 as a result of supply chain constraints caused by the chip shortage. The company originally aimed to produce about 90 million iPhones in the quarter.
Apple executives warned that supply chain problems could impact iPhone production during its most recent earnings conference call. The global chip shortage has been impacting production across multiple sectors for more than a year.
Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), AirPods and Apple TV.
AAPL Price Action: Apple has traded as high as $157.26 and as low as $107.32 over a 52-week period.
The stock was down 1.12% at $139.92 at time of publication.
Photo: courtesy of Apple.
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