Apple Cuts New iPhone Production by 30 Percent

Apple unveiled its new line-up consisting of iPhone XS XS Max and XR in September

That's the iPhone Xs, iPhone Xs Max, and iPhone Xr.

On Monday morning, the Wall Street Journal reported that Apple has in recent weeks "slashed" production orders for its latest iPhone models, causing havoc along its supply chain. The Journal cites the lower than anticipated demand for the new models and an overall shrinking smartphone market that has made it more hard for Apple to anticipate how many units it will need for the holiday season. This reduction in production has also affected its suppliers who depend on Apple.

Apple forecast lower-than-expected sales for the Christmas quarter, which left investors shocked. Apple also announced that it would no longer discuss exact iPhone sales figures going forward.

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Tim Cook had also said that the company was facing pressure in markets like Turkey, India, Brazil and Russian Federation, which have seen their currencies depreciate significantly against the dollar.

People handle the new Apple iPhone XS and iPhone XS Max during a media tour at an Apple office in Shanghai, China, September 21, 2018. Apple's iPhone XR starts at Rs 76,900 in India, the iPhone XS at Rs 99,900.

Apple's largest assembler of iPhones in China, thousands of workers have voluntarily left earlier than they meant to after Foxconn cut overtime hours that are typically available during peak production periods, people familiar with the matter said.

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