Shares of Apple (NASDAQ: AAPL) declined by 2.1% on Tuesday after TF International Securities analyst Ming-Chi Kuo warned that the tech giant's smartphone shipments could come in far below investors' expectations.
With COVID-19 cases surging in China, health officials are attempting to contain outbreaks by instituting strict lockdown measures. This has sparked a wave of protests against the Chinese government's zero-COVID policy.
The worrisome combination of soaring coronavirus infections, stifling lockdowns, and intensifying civil unrest is weighing heavily on China's economy. It's also taking a heavy toll on Apple's ability to manufacture its products in the country.
Source Fool.com