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Apple Inc. (AAPL) shares plummet by 4%, wiping out more than $150 billion in market value, following reports of a delay in the launch of the foldable iPhone.
The Nikkei Asia reported that the company is facing engineering challenges related to what is expected to be the first foldable device produced by the iPhone manufacturer.
An insider told Nikkei Asia: "Apple and its supply chain are working under a tight schedule, and current solutions are not sufficient to fully address the engineering challenges... Therefore, more time is needed."
The stock has currently declined by over 8% since the beginning of the year, trading slightly below its 200-day moving average of $250.
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