Apple drops as key analyst says iPhone 14 Pro shipments could be 20M less than expected
Kevin Frayer

Apple (NASDAQ:AAPL) shares fell to a session low on Tuesday as a key analyst said the company's iPhone 14 Pro shipments could be significantly less than expected as the tech giant deals with supply chain risks out of China.
TF International Securities analyst Ming-Chi Kuo tweeted that iPhone 14 Pro and iPhone 14 Pro Max shipments could be between 15M and 20M less than expected.
"Significant downside risks to Apple & iPhone supply chain due to Zhengzhou iPhone plant labor protests," Kuo added.
Apple (AAPL) shares fell nearly 2% to $141.31 following the tweet, sending the broader stock market down along with it.
Kuo is not the only analyst to note the impact of China's recent protests relating to its COVID-19 measures on Apple (AAPL).
On Monday, investment firm Wedbush Securities said the weekend of protests in China, caused by the country's draconian zero COVID-19 policy, may have impacted the tech giant's iPhone production even greater than estimated.
"The zero China Covid policy has been an absolute gut punch to Apple's supply chain with the Foxconn protests in Zhengzhou a black eye for both Apple and Foxconn," Wedbush Securities analyst Dan Ives wrote in a research note.
Ives estimated Apple (AAPL) could see an iPhone shortfall of 5% and perhaps as much as 10% depending on how the next few weeks go in China with regards to production at the Foxconn plant in Zhengzhou and protests around the country.
The analyst added that many Apple (AAPL) stores have seen "major" iPhone 14 Pro shortages by as much as 40% compared to typical inventory levels and delivery dates have been pushed into early January in some cases.
On Tuesday, CNBC reported that the ban of movement of residents in Zhengzhou, where Foxconn's main iPhone plant is based, was lifted starting midnight on November 29 and "normal pandemic control measures will be implemented," citing the city's official WeChat account.
Earlier this week, it was reported that Apple (AAPL) could see a production shortfall of as many as 6M iPhone 14 Pro units due to unrest at Foxconn's Zhengzhou manufacturing plant.