Under the newly revised plan, a source told the Nikkei that overall production volume of both older and new iPhones will be reduced to between 40m and 43m units for the quarter, down from an earlier projection of 47m to 48m units.
Apple has chose to cut the production of 2018 iPhone models once again in an attempt to cope with declining sales worldwide. That's a sharp decline from the 52.2 million it reported selling in 2018's March quarter. However, compared to the sales of iPhone X, which was pricier than iPhone XR, the iPhone XR was 50% lower in sales. On a related note, research firm Counterpoint says that although iPhone XR could be the company's best-selling handset till date, it has not yet matched up to the sales performance of the iPhone X that came out in 2017.
The report today from Nikkei Asian Review comes about a week after Apple Chief Executive Tim Cook shocked investors by saying the company was likely to miss its fiscal first-quarter revenue target by about $9 billion.
China is cited as the reason for weakening iPhone sales as that country's economy slows, which has been impacted by a trade war with the United States. Delphi Private Advisors LLC acquired a new position in shares of Apple in the 2nd quarter valued at $120,000.
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The Nikkei said Apple could not be reached for comment on the information.
The news followed warnings by suppliers such as Samsung Electronics Co Ltd and Skyworks Solutions Inc about weak Q1 demand for smart phone chips. But given the revenue adjustment and slowdown in iPhone sales, that number is surely going to take a hit. The latest request was reportedly made before last week's announcement. -China trade war, even though most of its products are not yet subject to additional US tariffs imposed on Chinese-made goods.
In 2018, Apple's stock went down 6.79%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.
Reuters reported last month that Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn this year, citing a person familiar with the matter.