Caixin
Nov 29, 2022 03:29 AM
BUSINESS

Apple to Lose 6 Million iPhone Pros From Turmoil at China Plant

(Bloomberg) — Turmoil at Apple Inc.’s key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to 6 million iPhone Pro units this year, according to a person familiar with assembly operations. The shares slumped in early U.S. trading.

The situation remains fluid at the plant, and the estimate of lost production could change, the person said, asking not to be named discussing private information. Much will depend on how quickly Foxconn Technology Group, the Taiwanese company that operates the factory, can get people back to assembly lines after violent protests against Covid restrictions. If lockdowns continue in the weeks ahead, production could be set back further. Apple’s shares fell 1.9% in premarket trading Monday in New York. They have declined 17% so far this year.

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