Apple to cut iPhone production by 10% this quarter: report
Apple Inc. will cut production of its three new iPhone models by 10% in the January-March quarter, the Nikkei Asian Review reported Wednesday. Last week, Apple shares tumbled after the tech giant announced disappointing iPhone sales and a sharply lower revenue forecast for the holiday quarter. The Nikkei said Apple has asked suppliers twice in the past two months to trim planned production of the iPhone XR, XS and XS Max. The latest request was reportedly made before last week's announcement. The Nikkei reported the move would reduce the total number of iPhones made this quarter from the previously estimated range of between 47 million and 48 million, to between 40 million and 43 million, or more than 20% less in terms of year-over-year quarterly production. Apple did not immediately respond to a request for comment. Stocks of Asia-based Apple component makers surged Wednesday, with AAC , Sunny Optical and Largan Precision all up more than 5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.