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Apple Inc (NASDAQ:AAPL) shares are making new 52-week lows on Tuesday following reports suggesting the company has told suppliers to build fewer components for AirPods, Apple Watch and MacBook due to softening demand.
What To Know: According to a Nikkei report, China's supply chain is in disarray amid ongoing changes to the country's COVID-19 policies. As a result, Apple has told multiple suppliers to build less AirPod, Apple Watch and MacBook components in the first quarter, citing weakening demand.
"Apple has alerted us to lower orders for almost all product lines actually since the quarter ending December, partly because the demand is not that strong," a manager at one of Apple's suppliers reportedly told Nikkei.
The news comes after Apple shares slid into year's end due to iPhone production concerns as the company continued to battle supply-chain challenges.
Analysts have indicated that Apple could miss iPhone estimates in the current quarter by a wide margin. Last week, Loup Funds' Gene Munster suggested that the continued pressure in the name stems from continued uncertainty surrounding iPhone production and guidance for the coming quarters.
See Also: Loup's Gene Munster Explains The Slide In Apple Shares: 'It's As Simple As That'
AAPL Price Action: Apple has a 52-week high of $182.94. It's hitting new 52-week lows on Tuesday.
The stock was down 4.16% at $124.54 at time of publication, according to Benzinga Pro.
Photo: courtesy of Apple.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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