Apple Stock Drops Slightly After iPhone X Production Cut Report
- 6 years ago
Apple's stock tripped after the company announced it will reduce production for the iPhone X.
Although it dropped 2.5-percent, down to $167.16 a share, the price rebounded slightly, with a 2-percent drop on the day.
The slip correlates with a report that Apple informed its suppliers to halve their production targets for the latest iPhone during the first three months of the year.
According to Japanese publisher Nikkei, Apple cut it's production target in half for the iPhone X.
With slower-than-expected sales during the Holiday season, the 40 million production target has reportedly been reduced to 20 million.
Although it dropped 2.5-percent, down to $167.16 a share, the price rebounded slightly, with a 2-percent drop on the day.
The slip correlates with a report that Apple informed its suppliers to halve their production targets for the latest iPhone during the first three months of the year.
According to Japanese publisher Nikkei, Apple cut it's production target in half for the iPhone X.
With slower-than-expected sales during the Holiday season, the 40 million production target has reportedly been reduced to 20 million.