JPMorgan cut its forecast for Apple Inc’s projected sales of the iPhone during the holiday quarter following a series of factory closures in Asia and a global chip shortage, according to a new report released Tuesday.

The investment banking company initially estimated iPhone sales would bring in close to $63 billion in revenue during the first fiscal quarter of 2022, according to analysis. These numbers would signal a 4% yearly fall, JPMorgan analyst Samik Chatterjee said.