Foldable iPhone Production Issues Send Apple Stock Reeling
Apple's stock plummeted on Friday, falling as much as 3.2% in value.
The decline was attributed to a report that Apple's latest product is facing production issues.
The product in question is the highly anticipated foldable iPhone, which has been rumored for development and is reportedly set to be unveiled at an Apple event next week.
According to Nikkei Asia, the initial production run of the device was limited to only a few hundred units per day, with Apple adding an additional trial production run last month due to quality control concerns.
This slow ramp-up in production may make it challenging for Apple to meet market demand, particularly given its typical practice of unveiling new products in September and shipping them by the holiday season.