Apple slashes iPhone XR production orders as demand fails to meet expectations
08 November, 2018, 04:11 | Author: Lydia Fleming
According to Nikkei, this means that Foxconn will be producing almost 100,000 units less every day based on the new forecasts available.
Apple slid 3.3 per cent on Monday, adding to the stock's near 7 per cent fall on Friday, after the Nikkei reported the company has told two smartphone assemblers to halt plans for additional production lines dedicated to the lower-cost iPhone XR, according to Reuters. At Foxconn, 5 million more iPhone 8 and iPhone 8 Plus units per quarter are coming off the production line than originally planned. So it looks like customers are considering those the true lower-priced alternatives to the XS and XS Max, and not the XR.
Indeed, it was widely hailed as the unexpected hit of Apple's 2018 iPhone event.
Apple shares fell almost 4 per cent after the report, which fueled concerns that the iPhone XR, the cheapest of three iPhones Apple unveiled in September, was facing weak demand just days after it hit shelves.
Over half of the figure ($37.1bn) was driven by iPhone sales with over 46 million handsets sold.
Apple's other manufacturer, Pegatron, faces a similar situation. Last year, we saw a number of stories from trusted publications claiming that Apple's iPhone X had hit early production problems or that it wasn't selling particularly well. And if you liked smaller devices, the iPhone XR is actually the second-worst Apple phone to replace your old phone with - the iPhone XS is narrower, at 2.8 inches versus 2.98.
"We caution investors not to lose sight of the massive metamorphosis on the horizon at Apple being led by the services business", Ives wrote in a research report published Monday.
Apple may have made a boatload of money in the July - September 2018 quarter, managing to considerably boost its share of U.S. smartphone sales before the iPhone XR was even released, but it's not all rosy in the Cupertino camp.
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