Apple likely to cut production of iPhone 13 - report

The global chip shortage may have taken another corporate casualty.

Apple is expected to cut down production of its iPhone 13 by as much as 10 million units due to supply issues.

That's according to a Bloomberg News report on Tuesday.

It said that chip suppliers, including Broadcom and Texas Instruments, were struggling to deliver components.

According to the report, Apple had been expected to produce 90 million units of the new iPhone models by the end of this year.

Shares of Apple fell 1.2% in after-hours trading on the news, while Broadcom and Texas Broadcom were both down about 1%.

In July, Apple forecast slowing revenue growth and warned the chip shortage would crimp iPhone production.

Sales of Macs and iPads have also been badly affected.

The chip crunch has put immense pressure on industries from automobiles to electronics.

Many car makers, including Ford and Honda, have been forced to temporarily suspend production.