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
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
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Our legal columnist
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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UAE currency: the story behind the money in your pockets
