Apple to sell fewer iPhones as chip crisis bites, says JPMorgan

JPMorgan on Tuesday became the second brokerage in two weeks to cut its forecast for Apple Inc's 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.

Last week, Needham said it expected iPhone 13 shipments to total 80 million units in the first quarter and cut its estimates for the holiday quarter