Apple’s Suppliers Drop as Chip Crunch to Hit IPhone Production
- Shares of tech giant’s U.S. and Asia suppliers decline
- Apple said to slash iPhone production goals amid chip crunch
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Apple Inc.’s suppliers dropped Wednesday after Bloomberg reported the tech giant is likely to slash its iPhone 13 production target for 2021 due to chip shortages, citing people with knowledge of the matter.
Japan Display Inc., which gets more than half of its revenue from Apple, fell as much as 5.6%, the most in over two months, while South Korean part maker LG Innotek Co. slumped as much as 6.2%. They joined U.S. suppliers from Broadcom Inc. and Texus Instruments Inc. to Skyworks Solutions Inc. and Cirrus Logic Inc., which fell in postmarket trading.