Apple likely to slash iPhone 13 production due to chip crunch - Bloomberg News

Apple Inc is expected to cut down production of the iPhone 13 series by as many as 10 million units due to the global chip shortage, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Shares of Apple, which had projected to produce 90 million units of the new iPhone models by the end of this year, fell 1% to $140.08 in after-hours trading.

The company told its manufacturers that the number of units would be lower because the tech giant's chip suppliers including Broadcom Inc and Texas Instruments are struggling to deliver components, the Bloomberg report said.