The shares of the American multinational technology company Apple had plunged on Tuesday, October 12, 2021, after reports that it could cut its iPhone 13 production plans because of the occurring worldwide computer chip shortage.
Apple had anticipated producing 90 million iPhones within the last quarter of this year 2021, although the giant electronic company now had to inform its associates that the sum of its production target will be reduced by as many as 10 million units, as revealed by the sources to the BBC.
Apple shares dropped by 1.2% within after-hours trading on the news.
Semiconductor makers such as Broadcom and Texas Instruments had also declined by 1%, as sources stated that these companies were having a hard time transporting adequate chips to Apple in time.
Moreover, last September 2021, Apple introduced the four latest iPhone 13 models which were IPhone 13, IPhone 13 mini, iPhone 13 Pro, and iPhone 13 Max in which their pre-orders began on September 17 and started shipping on September 24.