Apple cuts Q1 iPhone production by 10%

11 January, 2019, 15:45 | Author: Brooke Harris
  • Apple iPhone XS

The Cupertino, California-based company is now targeting overall production volume of both old and new iPhones of 40 million to 43 million units in the March quarter, down from 47 million to 48 million previously, the Nikkei reported, citing another person familiar. Cook blamed the shortfall on lower-than-expected demand from China over the Christmas and New Year holiday period.

The request was made before Apple announced its forecast cut.

Foxconn, which assembles the vast majority of Apple devices, including the iPhone, is one of the first to report falling revenues following Tim Cook's open letter to investors warning of weak iPhone sales.

Apple is having a hard time selling iPhones to the consumers and even with new features, the company is unable to sell them. At the time, analyst Holger Mueller of Constellation Research Inc. told SiliconANGLE that decision to stop reporting iPhone sales would allow Apple to "hide potential issues" regarding its business.

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The report suggests that the move is a sign that Apple is expecting a further profit hit later in the year, marking a bleak start to 2019 after a disappointing end to 2018.

As ever, Apple has jacked up iPhone prices higher than ever with the new models, at least partially to ensure ongoing returns in a slowing market.

"User familiarity has always worked for Apple, but that also mean that users keep their phones around longer", Mueller said. Analysts predict that Apple will post 12.13 earnings per share for the current fiscal year. "In fact, categories outside of iPhone (Services, Mac, iPad, Wearables/Home/Accessories) combined to grow nearly 19 percent year-over-year", also stated Cook in his letter. It is going to be hard to track the precise numbers as Apple announced late a year ago that it would no longer be sharing details of iPhone shipment figures.

"The Street is already well aware of a soft March guide so this latest report is not a new worry, as investors are starting to look ahead 6-9 months down the road for Apple and gauge how the company emerges from this dark chapter of soft demand", Daniel Ives, analyst at Wedbush Securities, said.

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