Apple shares fall after reports the company is underwriting plans to increase production of iPhone 14

    Shares of Apple fell 1.3% on Wednesday following a report that the company had asked suppliers to guarantee a plan to increase iPhone 14 production. According to Bloomberg, demand for new models has not been as strong as expected. ants.

    According to the report, Apple will no longer aim to increase production by 6 million units in the second half of the year as planned. Instead, the company will try to produce 90 million units, roughly matching Apple’s forecast and output from last year, according to Bloomberg.

    The report also affects Apple suppliers and manufacturers. Shares of key chip maker Taiwan Semiconductor Manufacturing also fell 1.2%. Shares of Hon Hai, also known as Foxconn, fell 2.9%. Foxconn builds Apple’s iPhone.

    Customers try out a new iPhone at an Apple store as the iPhone 14 series goes on sale on September 16, 2022 in Shanghai, China.

    VCG | China Visual Corporation | beautiful pictures

    Bloomberg reports that demand for the iPhone 14 Pro is higher than for other new phones, prompting at least one Apple supplier to shift production capacity from lower-end models to high-end versions.

    RELATED: Apple iPhone 14 Review: Get the Pro Model If You’re Upgrading This Year

    Late Wednesday, analyst Ming-Chi Kuo, whose predictions about Apple have often proven correct, said on Twitter that he didn’t expect an increase in overall production at first, but reminded back his prediction that production would shift to the 14 Pro and Pro. Max, called demand for the regular iPhone 14 and 14 Plus “obviously lackluster”.

    “I continue to expect total iPhone shipments in the fourth quarter of 2022 to be close to consensus despite many worries about a recession,” he wrote in a thread.

    An Apple representative declined to comment.

    SEE: Apple launches iPhone 14 as customers line up to meet Tim Cook and get new technology

    Apple launches iPhone 14 as customers line up to meet Tim Cook and receive new technology

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