The company couldn’t build enough of its high-end iPhones when its primary assembly facility in China was shut down for weeks during covid lockdowns.
Apple gave a rare warning to investors that month explaining that production issues would result in lower shipments than “previously expected.” It was a data point that caused many analysts watching the stock to cut their estimates.
“We believe the peak impact of the disruptions was felt in early to mid November as wait times hit an extreme level (link) as the wait time in the US for the 14 Pro and 14 Pro Max reached 34 days while wait time in China at the high-end hit 36 days,” UBS analyst David Vogt wrote in January.
Analysts polled by Refinitiv expect Apple to report just over $121 billion in revenue in the December quarter, which would be a slight decline from the company’s $123.9 billion from a year ago.
