Apple dips as iPhone production in November may fall 'at least 30%' due to unrest: report
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Apple (NASDAQ:AAPL) shares slipped on Friday as Reuters reported that iPhone production could drop "at least 30%" at Foxconn's plant in Zhengzhou, China as a result of worker unrest.
The news outlet, citing a person with direct knowledge of the matter, noted that the decline in production was up from an estimate in October.
The comments provide additional color to the situation after the news outlet noted earlier this week that production at the plant was not impacted by the protests and output remained "normal," citing a source familiar with the matter.
Earlier this month, Apple (AAPL) warned that COVID-19 restrictions in the world's most populated country would result in lower iPhone 14 shipments than previously expected.
Cupertino, California-based Apple (AAPL) did not immediately respond to a request for comment from Seeking Alpha.
The workers at Foxconn's - also known as Hon Hai Precision (OTCPK:HNHPF) - plant in Zhengzhou, became frustrated after they complained they had not yet received the bonuses that were promised to them to stay working on iPhone production as the manufacturer works under a closed-loop system in an effort to limit the spread of COVID-19.
In the video footage, workers were seen smashing windows, resulting in people in hazmat suits confronting them. Smoke was also visibly present in the video.
Foxconn initially said that the bonuses had been paid, but later apologized to workers and attributed the delay in bonus payments to a "technical error." 
Following the Apple (AAPL) statement, several investment firms, including Morgan Stanley and UBS, tweaked estimates on the tech giant, but Morgan Stanley said investors had an emerging opportunity to "buy the dip."