Apple to sell fewer iPhones as chip crisis bites, J.P.Morgan says

FILE PHOTO: Apple's iPhone 13 models are pictured at an Apple Store on the day the new Apple iPhone 13 series goes on sale, in Beijing, China September 24, 2021. REUTERS/Carlos Garcia Rawlins

(Reuters) - J.P.Morgan on Tuesday became the second brokerage in two weeks to cut its forecast for Apple Inc's iPhone sales for the crucial holiday quarter as the global chip shortage and factory closures in Asia finally catch up to the technology giant.

The brokerage trimmed its iPhone revenue estimate to $63 billion for the first quarter of fiscal 2022, which would be a yearly fall of nearly 4%, analyst Samik Chatterjee said in a note to clients.