Apple Inc. AAPL shares are trading lower following a Bloomberg report indicating the company has informed its component suppliers that demand for the iPhone 13 lineup has weakened ahead of the holidays.
According to the Bloomberg report, Apple had cut its iPhone 13 production goal for this year by as many as 10 million units, down from a target of 90 million, because of a lack of parts. Now the company informing its vendors that those orders may not materialize.
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services.
Apple's stock was trading about 3% lower at $159.76 per share on Thursday at the time of publication. The stock has a 52-week high of $170.30 and a 52-week low of $116.21.
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