Apple cuts production plan for new iPhones by 10% for first quarter

Apple cuts production plan for new iPhones by 10% for first quarter

Apple cuts production plan for new iPhones by 10% for first quarter

Foxconn, formerly known as Hon Hai Precision, is nearly as well known as Apple these days and is the rather infamous Taiwanese-based manufacturer of iPhones and other Apple-designed products. "We did not foresee the magnitude of the economic deceleration, particularly in greater China", Apple CEO Tim Cook said in a letter to investors when announcing the cut in revenue forecast. The bleaker sales outlook, which Apple attributed to weak China demand, triggered a broad sell-off in global stock markets. This figure is derived from sources apparently familiar with this request, and applies to the first 3 months of 2019.

The original plan for 48 million sold units between January and March, later reduced to 43 million, is now taking another hit and is cut with an additional 10% to 40 million.

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Apple shares plunged over 9 percent earlier this month as Wall Street was rattled by the Silicon Valley giant's shock revenue warning.

Apple's iPhone suppliers include Taiwanese assemblers Foxconn and Pegatron who are not moving to confirm the reports. Foxconn is said to collect almost 80 percent of its revenue from Apple products, and it's clear that since both Apple component suppliers (who would be selling to Foxconn) and Apple itself slashed forecasts that lagging iPhone sales are to blame here.

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Among iPhone component suppliers in Asia, South Korea's LG Display Co Ltd was up 0.5 percent, while Japan Display Inc was flat. Apple sold 52.21 million iPhones in the same period past year, according to Nikkei.

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