Saturday, 19 January, 2019

Apple is Cutting Planned iPhone Production by 10%, Says Report

Apple Cuts New iPhone Production By 10% In March Quarter Report Apple cuts 1Q production for new iPhones by 10 pct.: Report
Ben Pena | 12 January, 2019, 15:46

This puts Apple's decision to stop disclosing the number of iPhone it sells for each quarter in a completely new light, given that a 10% cut in production for the new iPhone models would translate into a whopping 20% YoY contraction from "the 52.21 million units Apple sold in January-March 2018", as reported by Nikkei Asian Review.

Another source added that Apple has revised its planned production of 43 million units, and is now targeting 40 million units for the January to Mark quarter, from an earlier projection of 47 million to 48 million units.

Apple's newest smartphone, the iPhone XR made a whole lot of buzz a year ago when it launched because of its different design and looks along with the lower than the usual price tag. Apple sold 52.21 million iPhones in the same period past year, according to Nikkei. Catcher Technology, which builds metal frames and assembles the glass back of the iPhone XR, says the challenging conditions are likely to generate a further decline this year. The iPhone XR has already surpassed the iPhone XS model in sales.

Not only have slowing sales decimated Apple's market cap in recent weeks, but they're also causing problems for iPhone suppliers. Global Financial Private Capital LLC acquired a new stake in shares of Apple during the 1st quarter worth approximately $13,771,000.

The news followed warnings by suppliers such as Samsung Electronics Co Ltd and Skyworks Solutions Inc about weak Q1 demand for smart phone chips. The latest request was reportedly made before last week's announcement.

FBI reportedly opened inquiry into whether Trump was working for Russia
Agents considered whether the president's actions were a possible threat to national security, The New York Times reported . Investigators also had to ascertain whether the president was knowingly, or possibly unwittingly, under Russian influence.

As Chinese demand has faltered, Apple has increased focus on India, which recently overtook the United States as the world's second-largest smartphone market.

Chief Executive Tim Cook reiterated in an interview with CNBC on Tuesday that India was a major focus for Apple.

In 2018, Apple's stock went down 6.79%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.

The cited source speculates that Apple is playing the safe card as it expects another decline in terms of iPhone sales in the coming months.

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