It’s been one blow after another for Apple Inc. in recent months. Labor unrest and production halts at Foxconn Technology Group’s massive iPhone plant in central China are expected to cause Apple to miss out on the sale of millions of the devices this holiday season, the company’s most important time of the year.
Most economists predict that a global recession will take hold next year, reducing consumer appetite for the expensive devices Apple sells. As central banks rapidly raise interest rates to bring inflation to heel, technology stocks have especially fallen out of favor. Apple stock this year has lost nearly $800 billion, or about a fourth of its market value.