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Production target

Reuters
Wednesday, January 31, 2018

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 $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 $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 US tax law that will bring the company's rate down to 18 percent.

"Apple earnings should handily beat December quarter expectations, but March guidance could moderately disappoint," UBS analysts said.

The production cut was prompted by slower-than-expected sales in the holiday shopping season in Europe, the United States and China, the Japanese newspaper reported, without citing a source.

The iPhone X was the first phone to sport a new design since the launch of the iPhone 6 in 2015 and many expected it to lead to blockbuster sales, dubbed by Wall Street analysts as a "supercycle."








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