Apple Stock Falls As Protests In China Threaten iPhone Production
Shares of Apple fell Monday after reports indicated unrest at a Foxconn factory in China could cause a shortfall of millions of iPhone Pro models.
Protests erupted last week at Foxconns iPhone factory in Zhengzhou, China, with videos reaching social media.
Protesters were spurred by issues with their pay and sanitary conditions amid recent Covid-19 outbreaks. Elsewhere, protests are breaking out over the countrys zero-Covid policy.
Foxconn, formerly Hon Hai Precision Industry Co Ltd, in a statement Wednesday denied that Covid-positive workers were living in the Zhengzhou Park campus dormitories.
The Zhengzhou factory is the largest iPhone assembly site, and Apple warned earlier this month it expects fewer iPhone 14 Pro and iPhone 14 Pro Max shipments for the holidays.
