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Monday, January 30, 2023

Apple Could Lose 6 Million iPhone Pro Units As China’s Covid Unrest Continues

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Ongoing strikes and protests against extreme Covid restrictions at a major Apple factory in Zhengzhou, China is likely to result in a production shortfall of 6 million iPhone Pro units this year, Bloomberg reported, citing an anonymous source at the factory.

The production hit is about 8 percent of Apple’s target of 87 million iPhone 14s this year, which was already lowered earlier this month to account for labor disruptions at the Zhengzhou factory, owned by Taiwan’s Foxconn Technology Group.

In 2021, Apple sold 239 million iPhones in total.

The Zhengzhou facility is the world’s largest manufacturing hub for iPhone 14 Pro and Pro Max smartphones. These high-end handsets have become Apple’s most important profit stream in recent years as demand for regular iPhone models dwindle.

Apple shares fell more than 1.6 percent in New York Monday morning.

Thousands of Foxconn workers fled Foxconn’s Zhengzhou factory in late October over fears of widespread Covid outbreaks and lockdowns, causing a worker shortage.

Foxconn, with the help of local government, replaced them with new hires only to incite a new wave of protests last week against pay and quarantine practices.

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