Sources in China say Apple has reduced its orders from suppliers for almost all of its products, and the news has seen AAPL shares drop.
Apple shares had risen on the news that production in Foxconn’s major iPhone plant in Zhengzhou is back to 90% capacity. However, a new report about Apple cutting orders has seen the company fall 3.55% on NASDAQ.
According to Nikkei Asia, the supply chain in China was struggling as the local authorities relaxed their severe COVID lockdowns and allowed factories to reopen. Then came the reduction in orders.
Read more at AppleInsider.com