Apple cuts production plan for new iPhones by 10% for first quarter

Apple Inc. is cutting its current iPhone production by about 10% for the next three months the Nikkei Asian Review reported on Wednesday

Apple Inc. is cutting its current iPhone production by about 10% for the next three months the Nikkei Asian Review reported on Wednesday

According to a report by Nikkei, the amended plan is due to slowing demand for smartphones - especially in China, whose weak economy was blamed by Apple for not meeting previous sales targets. Hot on the heals on this comes the news that Apple is cutting production of new iPhones for the current quarter by a significant amount.

The request was made before Apple cut its forecast last week, Nikkei said. This figure is derived from sources apparently familiar with this request, and applies to the first 3 months of 2019.

Sources say that having initially projected production numbers of around 47 to 48 million units, Apple is now expecting to produce somewhere between 40 and 43 million iPhones.

Apple did not immediately respond to a Reuters request for comment. That's a drop of at least 10 percent.

Apple's iPhone suppliers include Taiwanese assemblers Hon Hai Precision Industry Co Ltd (Foxconn) and Pegatron Corp. Pegatron declined to comment on the report when contacted by Reuters, while Foxconn did not reply to a request for comment.

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Apple has yet again reportedly slashed its iPhone production plans, this time for the first quarter of the year.

Among iPhone component suppliers in Asia, South Korea's LG Display Co Ltd 034220.KS closed up 0.5 percent, while Japan Display Inc 6740.T was flat.

Last year, Apple sold 52.21 million iPhones in the January-March quarter.

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

That's in addition to a similar move reported by The Wall Street Journal in November - making the recent development Apple's second production cut in just a few months after the launch of the iPhone XS.

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