Apple has reportedly reduced new iPhone production - again

Tech Never Shines When Apple Stock Slumps. Things Could Be Better This Time

Apple has reportedly slashed planned production for its three newest iPhone models by about 10 per cent for the next three months, just one week after the tech giant cut its revenue forecasts.

We can say that based on Apple's report on Chinese demand, it's not quite a global iPhone crisis as much as it is a Chinese consumer crisis. iPhone sales numbers there are plummeting as new entrants from Chinese rivals Huawei and others continually improve on quality and feature sets and sway customers away from iFruit products.

Apple originally planned to ship up to 48 million old and new iPhones in the first quarter of 2019, but with the cuts, it will now ship 40 to 43 million units.

Apple decided a year ago to halt reporting on sales numbers of its iPhone and other hardware units, causing concern for investors who feared there may be a slowdown in demand for premium Apple products. That's a sharp decline from the 52.2 million it reported selling in 2018's March quarter.

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Shobhit Srivasta, a Counterpoint analyst, noted in his blog that the iPhone sales were impacted due to slower sales in the Asia Pacific region, Europe, and the U.S. This bit doesn't involve China and India, where Apple has also struggled to sell their phones. However, Cook denies that the iPhone XR is a flop. However, compared to the sales of iPhone X, which was pricier than iPhone XR, the iPhone XR was 50% lower in sales.

A new report claims that Apple has cut production of new iPhones by another 10 percent in the wake of its blockbuster sales warning.

Following Cook's message, Apple's stock went on an accelerated drop, experiencing a severe 38% drop between a maximum valuation of 232.07 per share on October 3 to an all-time low of $142.08 per share the day after the investor letter. Apple did not immediately respond to a request for comment. 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.

Apple's Chief Executive Officer Tim Cook told CNBC on Tuesday that "naysayers on Wall Street were under-appreciating the Company's growing ecosystem of devices and services". 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.

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