Apple stock have recently dipped to an 18-month low, dropping to $126.04 upon closing on Wednesday.
The company is currently facing supply issues with its iPhone 14 Pro model and an overall decline in the stock market. The price of AAPL shares is the lowest since June 2021 and remains in the range as of today.
In December last year, Apple warned the public that the iPhone 14 Pro Max and iPhone 14 Pro shipments were lower than anticipated due to Foxconn restrictions. The supply partner suffered production constraints due to worker unrest and COVID-19 issues. TrendForce, a Taiwan-based research firm said that the Foxconn factory’s utilization rate is lower than 70% since then, which affected the higher-end iPhone 14 models.
TrendForce predicted that iPhone production will continue early this year due to economic uncertainty, the Chinese New Year holiday, and COVID-19-related concerns. As a result, the firm lowered its forecast of model production to just 47 million units.
