Apple Shares Slipped 0.63% on Cutting Production of iPhone 14 Plus

Tiger Newspress2022-10-19

Apple shares slipped 0.63% on cutting production of iPhone 14 Plus.Apple Inc is cutting production of iPhone 14 Plus within weeks of starting shipments as it re-evaluates demand for the mid-range model, the Information reported on Tuesday, citing two people involved in the company's supply chain.

The Cupertino, California-based company told at least one manufacturer in China to immediately halt production of iPhone 14 Plus components, according to the report.

The move comes at a time when the global smartphone market has been softening, shrinking 9% in the third quarter compared with the same period a year earlier, according to estimates from data research firm Canalys, which expects weak demand over the next six to nine months.

Apple did not immediately respond to a Reuters request for comment.

The iPhone 14 Plus, part of a new lineup announced on Sept. 7, is positioned as a cheaper alternative to its more expensive iPhone Pro models and started being shipped to customers on Oct. 7.

Last month, Apple dropped its plan to increase production of the new iPhone models as an anticipated surge in demand failed to materialize, according to a Bloomberg News report.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

tig2021
2022-10-21
tig2021
Ok
JCai
2022-10-20
JCai
No
- JCai:
  ok
och
2022-10-19
och
K
- och:
  ok
FattAgain69
2022-10-19
FattAgain69
Should have gone for an iPhone 14 Pro Plus instead. Why pay slightly less for dated technology?
- tig2021:
  ok
- Sysy:
  k
Flyboy
2022-10-19
Flyboy
Ok
MLFL
2022-10-19
MLFL
Good

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