LOW DEMAND

Apple Slashes Production of New iPhone Models by Millions After Slow Sales, Says Report

Apple has slashed millions of production orders for all three of the iPhone models that it unveiled in September after demand was slower than expected, the Wall Street Journal reports. According to people reported to be familiar with the situation, lower-than-expected demand and the company’s decision to offer more models have made it harder to predict the number of handsets the company needs. The iPhone XR model is reported to have been particularly problematic with up to a third of the approximately 70 million units it had asked some suppliers to produce being cancelled. This week Apple reportedly told several suppliers that it cut its production plan again for the iPhone XR. Apple declined to comment on the report. Last week, major iPhone suppliers including Qorvo, Lumentum Holdings, and Japan Display cut quarterly profit estimates.