Apple cuts production orders of new iPhones - Mobility

Apple cuts production orders of new iPhones - Mobility

The numbers forecasted were higher than the demand, which lead Apple to reportedly reduce the number of orders with suppliers by up to a third, after initially ordering 70 million units.

According to a report by the Wall Street Journal on Monday, citing people with knowledge of the matter, production orders for all three models of iPhones, which Apple Inc unveiled in September, have been reduced by the tech company in recent weeks. Meanwhile, factors such as "severe Chinese demand weakness" in the late summer and a strengthened USA dollar came as unexpected headwinds.

Micron Technology Inc fell 1.7 per cent after a report that Chinese authorities have alleged "massive evidence" of antitrust violations by the world's top three memory chip makers - the latest industrial spat that threatens to upset global trade relations. Despite the decrease, the iPhone X went on to become the single-most popular smartphone model that year. Atlantic Securities restated a "neutral" rating and set a $205.00 target price on shares of Apple in a research report on Wednesday, August 1st.

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"Without the FAANG leadership, including Apple, the market is going to struggle", said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in NY. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker's stock valued at $20,181,000 after acquiring an additional 20,067,124 shares during the period. Apple also has its services business to help continue to grow revenue even if the iPhone falters. Thanks to these downgrades, the iPhone XR is priced significantly lower than the iPhone XS and XS Max.

The Wall Street Journal report is certainly not surprising, as Apple had announced earlier this month that it will no longer provide unit sales figures for its iPhones, iPads, and Macs starting from the next quarter.

Beyond that, the addition of three new models has made it harder to guess how many components will be needed.

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