Apple falls on report of iPhone production cuts
AAPL•Apple shares declined 1.8% in premarket trading after a report said the company told suppliers to cut production of new iPhone 18 Pro models due to soft demand. October component orders were reportedly cut by at least 15% from original requests.
1. Reported production cuts
Apple shares declined 1.8% to $334.21 in premarket trading after Nikkei Asia reported the company told suppliers to reduce production of its new iPhone 18 Pro models because of soft demand. The report said October component orders were cut by at least 15% compared with original requests, amid soaring memory chip costs and price increases.
2. Analyst ratings
The average rating of 43 analysts covering Apple was “buy,” with a median price target of $330, according to LSEG-compiled data.
