Screen maker Japan Display cut its full-year outlook citing weaker smartphone demand, while British chipmaker IQE said it expects a material reduction in its financial performance in the current year.
Shares of Apple Inc fell 2.5 per cent after the Wall Street Journal reported the company has cut production orders in recent weeks for all three iPhone models launched in September. They presently have a $240.00 target price on the iPhone maker's stock.
A number of other hedge funds and other institutional investors also recently made changes to their positions in AAPL.
The report notes that Apple's iPhone XR appears to be the worst hit with the company cutting production plan by up to a third of the almost 70 million units. Apple's iPhone XR starts at Rs 76,900 in India, the iPhone XS at Rs 99,900. In its fourth fiscal quarter, ended 19 September, Apple sold 46.9 million iPhone units.
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So, what could be behind Apple's difficulty in dialing in demand?
Apple reduces production of the three iPhone models last line: XS, Max XS and XR. And Foxconn, a fourth major Apple supplier, reportedly cut overtime hours.
In the past year were similar to the forecasts of falling sales Apple iPhone X, but in the end it turned out to be speculation.
"Our estimates remain at the lower end of Apple's guidance range at this point as we believe the company likely included this more negative scenario in its provided range", Hall added. Atlantic Securities restated a "neutral" rating and set a $205.00 target price on shares of Apple in a research report on Wednesday, August 1st.
The Wall Street Journal report is certainly not surprising, as Apple had announced earlier this month that it will no longer provide unit sales figures for its iPhones, iPads, and Macs starting from the next quarter.