Apple shares recently dropped to an 18-month low, falling as low as $126.04 at the close on Wednesday.
The company is currently experiencing supply issues with its iPhone 14 Pro model and an overall stock market decline. The price of AAPL shares is the lowest since June 2021 and remains in the range as of today.
Last December, Apple warned the public that shipments of the iPhone 14 Pro Max and iPhone 14 Pro were lower than expected due to Foxconn restrictions. The supply partner was facing production constraints due to employee unrest and COVID-19 issues. TrendForce, a Taiwan-based research firm, said the Foxconn factory occupancy rate has fallen below 70% since then, impacting the more expensive iPhone 14 models.
TrendForce predicted that iPhone production will continue early this year due to economic uncertainty, the Chinese New Year holiday and COVID-19-related concerns. As a result, the company lowered its model production forecast to just 47 million units.