Apple shares fall to lowest level since June 2021

Traders concerned by iPhone supply hindered by spate new Covid cases

Apple is one of the world's most valued brands. AP
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Apple shares fell to their lowest level since June 2021 on Tuesday amid fears over iPhone supply over the holiday season.

The company's stock tumbled as much as 2.4 per cent to a low of $128.97 per share at 10.10am ET on Tuesday. Shares were down by 1.48 per cent as of 11.54am.

Apple announced in November that Covid-19 restrictions in China affected the main iPhone 14 and iPhone 14 Pro Max warehouse in Zhengzhou. The phone supplier said last month that the facility was operating at a significantly reduced capacity.

Apple said at the time it was expecting lower shipments for the iPhone 14 Pro and iPhone 14 Pro Max than previously anticipated.

Customers in the US at one point faced a 37-day wait to receive the devices during the holiday season, the New York Post reported.

Earlier on Tuesday, JP Morgan said that iPhone supply was “improving and inching slowly towards parity with demand”, but noted that the phone supplier was much further in line with parity during the typical holiday season.

Bloomberg contributed to this report

Updated: December 27, 2022, 5:09 PM