Apple iPhone Production Pullback Hits Chip Suppliers

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The latest news sent Apple's stock down 2.2 percent to a value $189.20.

It knocked 2 percent off Apple's shares and send stocks of its suppliers around the world as much as 6 percent lower, weighing on the US and other stock markets.

Apple likely is being more cautious with production orders for the next iPhone models because it was overly optimistic last year, leaving it with excess inventory in the first part of the year, Cordwell said.

Apple may be anxious that its next iPhones won't be as popular as its last. According to the report, Apple is reducing orders from last year's 100 million units worth of parts down to 80 million, a 20 percent decrease.

"Apple is quite conservative in terms of placing new orders for upcoming iPhones this year".

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That said, the £999 iPhone X was still the best selling smartphone in early 2018.

Despite the media reports that demand for the $1,000 iPhone X has fallen, Apple's market cap has continued to rise and is approaching $1 trillion.

Apple didn't immediately respond to a request for comment.

In any case, Apple is said to be debuting three new all-screen iPhones this fall: an updated 5.8-inch iPhone X; a new 6.5-inch iPhone X Plus; and a new, cheaper 6.1-inch iPhone with Face ID. USA -based suppliers Advanced Micro Devices, Micron Technology Intel, Broadcom Inc and Qualcomm Inc were all down between 1 percent and 3 percent. All three 2018 iPhone models are expected to feature Apple's facial recognition system.

The unit, which includes Apple Music, the App Store and iCloud, posted $9.1 billion in revenue in the second quarter.