J.P. Morgan cuts iPhone sales forecast, warns of shortages
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Samik Chatterjee trimmed forecasts. What you need to know Investors are warning of reduced holiday iPhone sales. JP Morgan has cut its sales forecast. The company has warned of chip shortages that have led to factory closures in some parts. JP Morgan has cut its iPhone holiday sales forecasts, citing chip shortages and factory closures that could impact the production of the iPhone 13. From Reuters: J.P.Morgan on Tuesday became the second brokerage in two weeks to cut its forecast for Apple Inc`s (AAPL.O) iPhone sales for the crucial holiday quarter as the global chip shortage and factory closures in Asia finally catch up to the technology giant. The brokerage trimmed its iPhone revenue estimate to $63 billion for the first quarter of fiscal 2022, which would be a yearly fall of nearly 4%, analyst Samik Chatterjee said in a note to clients. As the report notes, last week Needham also cut its iPhone 13 shipments estimates to 80 million for Q1 and slashed its holiday es...