Apple cuts production orders for all three new iPhone models

Cornelia Mascio
Novembre 21, 2018

Apple's largest assembler of iPhones in China, thousands of workers have voluntarily left earlier than they meant to after Foxconn cut overtime hours that are typically available during peak production periods, people familiar with the matter said.

"In addition to weakness in demand for Apple's products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received by users outside of the U.S.", the analysts wrote.

And in the past week, Apple told several suppliers that it cut its production plan again for the iPhone XR, some of the people said Monday, as Apple battles a maturing smartphone market and stiff competition from Chinese producers.

Now playing: Watch this: How deep can the iPhone XS and XR go?

According to the report, the iPhone XR is hard hit, with Apple slashing a planned production run of 70 million units by up to a third. The Apple share price fell by 3.7%.

The Philadelphia SE Semiconductor index dropped 1.9%, extending losses from the previous session after an underwhelming forecast from Nvidia Corp weighed on the sector.

At 12:59 p.m. EDT the Dow Jones Industrial Average was down 392.90 points, or 1.55 per cent, at 25,020.32, the S&P 500 was down 40.74 points, or 1.49 per cent, at 2,695.53 and the Nasdaq Composite was down 185.94 points, or 2.57 per cent, at 7,061.93.

US Vice President Mike Pence said in a blunt speech on Saturday that United States will not back down from its trade dispute with China unless Beijing bows to US demands, dampening Friday's trade optimism that was fueled by President Donald Trump's comments.

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