In a note to clients — as noted by AppleInsider — Piper Sandler expects Apple and Foxconn to catch up with iPhone 14 Pro production in December, but will still fall short by around nine million iPhones. The investment bank is cutting its estimates for Apple’s December quarter revenue by $8 billion.
Although China has now lifted its latest COVID lockdown in Zhengzhou, Foxconn’s major iPhone factory there is significantly behind on its production of the iPhone 14 range.Piper Sandler says that overall, it continues to “believe that Apple remains a formidable brand.”
On Nov. 29, it was announced that Zhengzhou, a city in east-central China that is home to Apple’s largest iPhone factory, Foxconn, is lifting its lockdown policy. The changes go into effect November 30, local time, according to the announcement. Business Insider says that no new infections have been found for five days in a row, according to a translation of the announcement, and the status of the city has been reduced to a low-risk zone.
Apple manufacturing partner, Foxconn, has struggled with strict COVID-19 lockdowns and worker strikes. The company is offering new incentives to entice back workers who fled its major iPhone factory in Zhengzhou, the capital of central Henan province, reports the South China Morning Post (SCMP).