Apple to cut production of iPhone by 10 per cent

Apple cuts 1Q production for new iPhones by 10 pct.: Report

After a disastrous quarter, Apple is cutting iPhone production

Apple ordered its suppliers to cut down the number of new iPhone model units coming off their production lines right before Tim Cook published his letter to the Apple investors at the beginning of the month.

Overall planned production volume of both old and new iPhones is likely to be cut to a range of 40 million to 43 million units for January-March, from an earlier projection of 47 million to 48 million units, the Nikkei reported, citing one source familiar with the situation.

"Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline".

Rumor has it that Apple is scaling back its production plans for its most recent fleet of handsets - the iPhone XS, iPhone XS Max, and iPhone XR - by around 10%.

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In fact, throughout the month of November, the giant of Cupertino would cut the production of its latest iPhone several times due to a sharp drop in demand, something that was recently confirmed. At the time, analyst Holger Mueller of Constellation Research Inc. told SiliconANGLE that decision to stop reporting iPhone sales would allow Apple to "hide potential issues" regarding its business.

A year ago Patently Apple posted a report titled "No the Sky isn't falling, it's just a Normal Seasonal iPhone Adjustment Period after a Busy Holiday Quarter". Finally, BMO Capital Markets upgraded shares of Apple to a "market perform" rating and set a $199.00 price objective on the stock in a research note on Thursday, September 13th. This figure is derived from sources apparently familiar with this request, and applies to the first 3 months of 2019.

"User familiarity has always worked for Apple, but that also mean that users keep their phones around longer", Mueller said. Equities research analysts predict that Apple Inc. will post 12.13 EPS for the current fiscal year. However, Cook denies that the iPhone XR is a flop. It is going to be hard to track the precise numbers as Apple announced late previous year that it would no longer be sharing details of iPhone shipment figures. Speaking to CNBC Tuesday, Cook said the company was planning to announce "new services" later this year, without elaborating on what those might be.

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