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Apple set to slash iPhone production due to chip crunch

© Reuters. FILE PHOTO – IPhone 12 smartphones are seen in the Apple Store at Broadway, Los Angeles, California. June 24, 2021. REUTERS/Lucy Nicholson/File photo

(Reuters) – Apple Inc (NASDAQ;) expects to reduce iPhone production by 10,000,000 units in response to the global shortage of chips, according to a tweet from a Bloomberg reporter.

Apple has not yet responded to Reuters’ request for comment.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.