Image via Apple
Apple’s shares took a hit on Tuesday after reports reveal that Apple has made cuts to production on the iPhone 14 Plus, asking one supplier to stop producing a specific component while the company re-evaluates demand.
An Apple manufacturer in China has been instructed to immediately halt the production of the component less than two weeks after the iPhone 14 debuted. The other suppliers that assemble modules from that component have also dramatically cut down on production.
The iPhone 14 Plus starts at $899 and is a cheaper alternative to the iPhone 14 Pro Max, which starts at $1,099.
The new report seems to suggest that customers are choosing to pick the more expensive model among the two. A report from Bloomberg not too long ago stated that Apple told suppliers to drop plans to increase production of the iPhone 14 in September.
Bloomberg also claimed that demand for the new models was not as high as was anticipated by Apple.
Shares fell by about $4, but have since recovered slightly. Apple’s stock is now flat on the day.
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