On Tuesday, Apple stock reached a level that hadn’t been seen since June 2021, as investors were concerned about the availability of iPhones during the Christmas shopping season.
On Tuesday at 10:10 a.m. Eastern Time, the price of a share of the company’s stock dropped as much as 2.4 percent, reaching a low of $128.97. As of 11:54 a.m., the value of the stock had decreased by 1.48 percent.
In November, Apple made the announcement that the Covid-19 limits in China had an effect on the primary warehouse for the iPhone 14 and iPhone 14 Pro Max in Zhengzhou. A statement made by the phone provider the previous month indicated that the facility was running at a capacity that was drastically decreased.
Apple said at the time that it expected less sales of the iPhone 14 Pro and iPhone 14 Pro Max than it had originally planned.
According to a story by the New York Post, customers in the United States were at one time confronted with a 37-day wait to obtain the devices over the Christmas season.
J.P. Morgan said earlier on Tuesday that the iPhone supply was “improving and inching steadily towards parity with demand.” However, the investment firm also mentioned that the phone supplier was far closer to being in
line with parity during the traditional Christmas season.