The iPhone maker Apple (inc) had cut down manufacturing of all the three iPhone models launched in September. Apple saw lower sales for the newer iPhone models iPhone XS, iPhone XS Max and iPhone XR, so Apple reached out to its 3rd party manufacturers to reduce production of iPhone components.
A couple of weeks back Apple had warned its investors about dull sales during Christmas quarter.
After the news of cut in production Apple stocks tumbled 2.5 %, this month alone Apple stocks fell by 11%.
Reports suggest Apple started manufacturing the newer iPhones two months back, after poor sales Apple cut down the number of units until February. It also projected a decline in revenue by $70 million dollars.
Apple iPhone assembler Foxconn already had cut down over time hours for its employees in China. After poor sales Apple announced it won’t reveal monthly data of the number of iPhones it sold. The $1 trillion dollar company blamed emerging markets and foreign exchange costs.
The newer iPhones released are the most expensive iPhones ever built.