News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...

Economy

McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...

World

RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away

Technology

13 Oct 2021

Apple To Slash iPhone Production as Chip Shortage Continues

Apple To Slash iPhone Production as Chip Shortage Continues

The Index Today

Apple Inc. has announced to cut its iPhone 13 production targets by 10 million for 2021 as ongoing chip shortages continue.

From October to December, the company was expecting to manufacture 90 million latest iPhone models but may lower the target as Texas Instruments Inc. and Broadcom Inc. are struggling to manage deliveries of components.

Apple Inc. is among the leading technology firms and largest chip buyers in the world. But despite having a huge buying power, the company is not immune to supply shortages and disruptions. The ongoing supply chain crisis has managed to disrupt countless industries, phone manufacturing being one of them.

Renowned chipmakers have warned of that the demand for chips is likely going to be higher than the projected supply, which could slide into next year as well. Texas Instruments Inc. is the leading supplier of wireless components to Apple Inc. According to Bloomberg reports, Apple shares fell to $139.27 along with Broadcom and Texas Instruments shares dipping in after-hours trading.

Apple Inc. is struggling to complete new phone shipments after the new iPhone 13 Pro and Pro Max were launched in September. Many customers are still on the waiting list and have not yet received their newly purchased phones due to shortages. Most orders placed currently are expected to be delivered by mid of November at the earliest.

The tech giants warned earlier this year that supply issues may come to surface due to chip shortages. Most chip manufacturers are based outside the U.S, notably Taiwan and Korea. The reliance on outside manufacturing has only increased supply chain woes.

©Photo: NURPHOTO