The Clap
Apple (NASDAQ:AAPL), the world’s most valuable company, saw its stock decline by more than 2.5% following protests in China regarding COVID restrictions.
What
The Foxconn factory in China, Apple’s biggest chip manufacturer, has seen unrest among workers due to the country’s zero-COVID policy. Protests are taking place across the entire country against the restrictions, including in Apple’s factory.
Some employees cited food shortages, payment-related issues, and the handling of COVID-19 outbreaks.
So What
Production may be 6 million iPhone Pro models light, but the company expects to make up for the missed production during 2023.
Now What
Manufacturing disruptions come at a very busy time of year, with the holiday season coming up.
