Apple shares fell almost 4 per cent on Monday after the report from the Nikkei financial daily, which fuelled concerns that the iPhone XR - the cheapest of three iPhones unveiled in September - was facing weak demand just days after it hit shelves. Sporting a almost edge-to-edge display at a price point that is drastically lower than Apple's iPhone XS models, many analysts have been predicting that the iPhone XR will be a runaway hit this holiday shopping season.
Apple's market capitalisation (M-Cap) or market value slipped below the $950-billion mark as shares of the iPhone maker fell, news agency Reuters reported. This has led the company to cancel a so called "production boost" for the model.
According to the report, Apple is now requesting more production of the older iPhone models including iPhone 8 and iPhone 8 Plus. All told, Nikkei's source claims that overall iPhone XR production may be anywhere from 20% to 25% lower than initial estimates.
"This performance management feature is specific to iPhone and does not apply to any other Apple products".
Demi Lovato leaves rehab after mom says she’s 90 days sober
In August, Demi penned a note that addressed her overdose and ongoing struggles with addiction. She suffered a drug overdose on July 24 and was hospitalised for 10 days.
Ives reaffirmed his $310 price target for Apple's stock, representing more than 50% upside to the current stock price. These phones are about 20 percent less expensive than the iPhone XR.
Last Friday, Apple shares had fallen sharply, dragging the U.S. tech major's market value below $1 trillion after the company forecast softer-than-expected sales for the holiday quarter and fueled nerves over iPhone sales by saying it would no longer release the figures. According to the report, demand is still strong for those models and Apple not expects to produce 25 million iPhone 8 and iPhone 8 Plus units during the fourth quarter.
The Nikkei, citing supply chain sources, said Apple had also asked smaller iPhone assembler Wistron Corp to stand by for rush orders, but that the company will receive no planned orders for the iPhone XR this season. This news arrives shortly after Apple has made a decision to stop sharing units sales on individual product lines.
- Bale, Vinicius, Ramos and Plzen away — Real Madrid round-up
- Queen 'asks Meghan Markle mother Doria to Christmas at Sandringham'
- Samsung's Getting Ready to Unveil the Folding Phone
- The NFL Enters the World of Fortnite
- NBC pulls Trump's anti-immigration ad after SNF airing
- CBBC Newsround: MTV European Music Awards round up
- Sam Ballard: Sydney man who swallowed slug passes away
- Capo no more, Sinaloa drug lord faces trial in NY
- Trump calls barbed wire 'beautiful' as troops install wire along border
- ‘Bohemian Rhapsody’ rocks the box office