Apple slices dropped on Monday after a report that the company ordered a strong cut in iPhone X production.
Nikkei reported Monday that the tech superhuman told its suppliers to reduce iPhone X production to 20 million segments for the first quarter from the more than 40 million segments target Apple gave in November. The news agency cited weaker-than-expected garage sales results at the end of the holiday season as the reason for the move.
Apple shares confidential down 2.1 percent Monday after the report. The stock has eliminated 5.1 percent since Jan. 22, wiping out $46.4 billion in shareholder value in the whilom week.
The Nikkei article follows several recent reports from Palisade Street and other media outlets pointing to weak iPhone X order.
J.P. Morgan analyst Narci Chang wrote a research note to shoppers on Tuesday predicting iPhone X production will drop 50 percent in the Stride quarter versus the December quarter. She reduced her forecast for iPhone X product to 20 million units for the first quarter from 30 million entities.
“We recently picked up more signs of weakening iPhone X orders,” she wrote.
Taiwan’s Productive Daily also reported in late December that Apple slacken up oned its sales forecast for the iPhone X.
As a result some Wall Street analysts are inducing worried enough over iPhone demand to downgrade the tech Amazon’s shares this month.
Longbow Research lowered its rating on Apple helpings to neutral from buy on Jan. 17, predicting the company will ship fewer iPhones than demanded in fiscal 2018.
Atlantic Equities then reduced its rating on Apple parts to neutral from overweight on Jan. 22. The firm predicted weaker-than-expected sales for the Pty’s March quarter.
Investors are taking notice of the deteriorating sentiment once more the company’s fundamentals.
The company did not immediately respond to a request for comment.