Apple might cut iPhone 13 production due to chip crunch

Bloomberg reports that Apple Inc is likely to slash production of its iPhone 13 by as many as 10 million units due to the global chip shortage.

The company was expected to produce 90 million units of the new iPhone models by the end of this year, according to Bloomberg.

The report said Apple told its manufacturers that the number of units would be lower because chip suppliers including Broadcom Inc and Texas Instruments are struggling to deliver components.

Shares of Apple fell 1.2% in after-hours trading, while Texas Instruments and Broadcom were both down about 1%.

In July, Apple forecast slowing revenue growth and said the chip shortage, which had started hitting its ability to sell Macs and iPads, would also crimp iPhone production.

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