Apple shares fall after analyst warns China COVID protests could drop iPhone shipments by 20%

After TFI Asset Management analyst Ming-Chi Kuo on Tuesday slashed his iPhone shipment estimates citing protests in China, Apple shares dropped.
Apple’s iPhone 14 Pro and flagship iPhone 14 Pro Max
Connor Smith for Barron’s:Kuo wrote Tuesday that he expects total iPhone 14 Pro and 14 Pro Max shipments during the fourth quarter to be 15 million to 20 million units lower than expected. Apple shares were down 1.6% to $141.97 following the report.
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