Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Technology

13 Oct 2021

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

Clay pottery with table linens