Analyst says Taiwan media is mistaken; rumored iPhone production cuts are for 8/8 Plus

Yesterday, we passed along some bad news for bulls on China's equity markets; stocks of companies that supply Apple with parts for the iPhone X had lost as much as 40% of their value in a single day. What brought on such a rush of selling? It was a rumor that Apple had cut production of the tenth anniversary model by 20 million to 30 million units. But today, an analyst with securities firm Rosenblatt says that this rumor is incorrect.

Analyst Jun Zhang says that his firm's research reveals no such production cut is taking place with the Apple iPhone X, and that Taiwan's media is a bit confused. According to Zhang, the production cut being referred to in these reports is actually for the Apple iPhone 8 and Apple iPhone 8 Plus. He says that production for the iPhone X is actually scheduled to ramp up this month. Zhang adds that there are no iPhone X production cuts coming during the March quarter and stresses that Rosenblatt sees no cuts in orders for AMOLED panels and 3D sensing components.

According to Zhang, iPhone X sales have been stable in North America, and have been growing in China over the last two weeks. The analyst points out that by his firm's count, iPhone X sales have topped those of the iPhone 8 and iPhone 8 Plus combined.

This morning in NASDAQ trading, Apple's shares have dropped nearly 3% to $170. The rumors about the production cuts came out on Christmas Day, and with the market closed yesterday for the holiday, this morning provided investors with the first opportunity to sell their Apple stock.


source: StreetInsider

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