Home Communities Finance Apple shares fall into bear market again after report of slashed iPhone production orders
Finance

Apple shares fall into bear market again after report of slashed iPhone production orders

Share
apple shares fall into bear market again after report of slashed iphone production orders
Share
105539995

Shares of Apple fell on Monday after a report said the tech giant has cut down on iPhone production orders.

The Wall Street Journal reported, citing people familiar with the situation, that Apple has slashed orders for the iPhone XR, XS and XS Max models. The three models were unveiled in September.

Apple told its suppliers it planned to slash production of the XR by a third of the approximately 70 million units it had asked them to build between September and February, the Journal reported. It added that in the past week the company told suppliers it plans to trim production of the XR again.

The tech giant’s stock has been under pressured lately. It re-entered a bear market, down 20 percent from an all-time high that brought its market cap to more than $1 trillion. Lumentum, a supplier of laser technology used in Apple’s FaceID, cut its outlook citing a reduced shipment from a major customer.

Several analysts — including those at Guggenheim and UBS — have downgraded the stock recently or lowered their 12-month price targets on Apple amid fears that iPhone sales will slow down moving forward.

Apple did not immediately respond to request for comment.

Click here to read the Journal’s full report.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

Related Articles
iStock 1185358443 scaled 1
FinanceBusiness

Best Tips to Grow Your Money with a Savings Account

You’ve opened a savings account but watched your balance grow slower than...

business loan 1024x676 1
Finance

Why Every Borrower Should Check Their Loan EMI Calculator First

You’re excited about a purchase or investment opportunity and want to secure...

bank account
BusinessFinance

Top Mistakes Businesses Make While Choosing a Current Account

Your business has been operating with the wrong current account for years,...

bank account types india 1
BusinessFinance

How to Choose Between a Regular Bank Account and a Savings Account

Opening your first bank account can feel overwhelming when you’re faced with...