COVID-related lockdowns in China are hurting Apple Inc. and iPhone manufacturer Foxconn with the former saying Sunday it expects lower shipments of its high-end iPhone 14 Pro and iPhone 14 Pro Max devices than it did previously, and the latter revising its fourth-quarter guidance. “We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models,” Apple announced in a Sunday evening press release. “However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated and customers will experience longer wait times to receive their new products.” Foxconn, which trades as Hon Hai Precision Industry Co. , said its visibility for the quarter was originally “cautiously optimistic.” In the U.S., known cases of COVID are climbing again for the first time in a few months. The daily average for new cases stood at 39,954 on Sunday, according to a New York Times tracker, up 6% versus two weeks ago. The daily average for hospitalizations was up 2% at 27,419, while the daily average for deaths is down 11% to 320. Globally, the confirmed case tally rose above 632.6 million on Monday, according to data aggregated by Johns Hopkins, while the death toll is above 6.60 million with the U.S. leading the world with 97.7 million cases and 1,072,594 deaths.

-Ciara Linnane

(END) Dow Jones Newswires

11-07-22 0645ET

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