Apple reportedly slashes iPhone production

Apple (AAPL.US) stock fell 4.0% in premarket after tech giant had shelved its plan to increase production of its new iPhones due to low demand, according to Bloomberg.

Company reportedly instructed its suppliers to slow down efforts to increase production by 6 million units in H2 2022. Earlier Apple was expecting that orders will increase by 7%.

Currently company plans to produce around 90 million units for the second half of the year, similar to 2021 and manufacturing process will focus on premium models for which the demand is much higher compared to the cheaper options.

Apple (AAPL.US) stock price fell sharply before the opening bell and if current sentiment prevails downward move may deepen towards support at $133.90, which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave started in March 2020. Source: xStation5