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Report: Sluggish sales lead Apple to continue slashing iPhone production in the current quarter

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Report: Sluggish sales lead Apple to continue slashing iPhone production in the current quarter
Apple's shares are taking a little hit this afternoon following a report that sluggish iPhone sales are leading Apple to continue cutting production of its smartphone during the current quarter. During the January-March period, Apple produced 30% fewer iPhones when compared to the same quarter a year earlier.

Apple has already informed its parts suppliers that it is continuing to cut production of the iPhone in the current quarter. Slow sales of the Apple iPhone 6s and Apple iPhone 6s Plus are the reason why Apple has taken an axe to its production schedule. And Apple does not plan to manufacture enough 4-inch Apple iPhone SE handsets to make up for the drop in the production of its flagship models.

The entire smartphone market is expected to experience its slowest growth ever this year. 2016 could show a year-over-year increase of less than 10% for the first time. In addition, when Apple reports its fiscal first quarter earnings later this month, it is expected to report a decline in year-over-year iPhone sales for the first time ever. Analysts expect Apple to report that it sold 54.6 million iPhone units from January through March, compared to the 61.2 million iPhones it sold during the same quarter a year ago.

Apple's shares are down $2.25 (2%) on the news, currently trading at $109.85.

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source: Nikkei

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