A severe shortage of key products has made it difficult for Apple to meet its year-end revenue forecast.
Apple shares fell 1.4 percent for the third straight session, according to Bloomberg. Still, it’s one of the few outperformers in 2022, well below the 34% average for other big tech companies, with shares plunging 27%.
One of the main reasons for this drop was the closure of the largest iPhone factory in Zhengzhou, China. This has resulted in severe shortages of Apple’s key product lines.
An expert at JPMorgan said iPhone supply is gradually improving and getting closer to demand. However, as in previous years, Apple has achieved a balance between supply and demand, so the performance in the fourth quarter of 2022 will be difficult to meet the initial expectations. .
A report from Apple Insider suggests that delivery times and in-store product availability for the iPhone 14 series have returned to normal after the Christmas holidays in the US and many other markets. However, iPhone 14 and iPhone 14 Plus users will still have to wait about 4 days to own the product, while the iPhone 14 Pro and iPhone 14 Pro Max series will take about 22 days.