Apple shares skid on report company slashing iPhone X production by half

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Apple is cutting production of the iPhone X by half, reports Nikkei.Carl Court

Apple Inc will halve its iPhone X production target for the first three months of the year to around 20 million units, Nikkei reported on Monday, sending its shares down 1.6 per cent.

The report added to growing concerns about weak sales of the US$999 phone, making investors jittery about the company’s financial outlook when it reports first-quarter results on Thursday.

Apple’s shares fell to their lowest level in 2018, knocking off US$14 billion from the company’s market value. The company declined to comment.

Analyst Toni Sacconaghi of Bernstein cut both his second-quarter and full-year forecasts for iPhones but said he did not expect Apple’s 2018 profit to fall steeply because of changes to U.S. tax law that will bring the company’s rate down to 18 per cent.

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