Apple stock falls to its lowest level in over a year.

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iPhone shipment forecast lowered

Apple shares fell 3% on Wednesday, December 28th. Trading closed at $126.04 per share, the lowest price since June 2021. Apple’s market value has dropped by about $63 billion overnight, but it’s still over $2 trillion.

Against this backdrop, market research firm Trendforce is also reported to have cut its 2022 iPhone shipment forecast following the COVID-19 outbreak in Zhengzhou, China, where Foxconn makes iPhones.

iPhone
iPhone

Due to capacity constraints at the Zhengzhou factory, Trendforce now expects total shipments of the iPhone 14 to be 78.1 million units, lower than the previous forecast. The forecast also says that labor shortages in China will lead to a 22% drop in first fiscal quarter shipments to 47 million smartphones.

At the same time, the popular marketplace JD.com also launched a New Year’s Eve sale with iPhone discounts of $129 for the iPhone 14 and $143 for the iPhone 14 Plus. This move indirectly indicates that phones are selling slower than expected.

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