Apple Cuts New iPhone Production by 30 Percent

Apple didn't immediately respond to Variety's request for comment, and the company isn't expected to be very transparent about its holiday quarter iPhone sales: Apple executives told Wall Street during the company's fiscal Q4 earnings call earlier this month that it they would stop reporting iPhone sales numbers going forward.

Shares of Apple Inc. resumed its decline with a 3.5% fall after the Wall Street Journal reported the company has cut production orders in recent weeks for all three iPhone models launched in September.

Warnings from Apple supplier Lumentum were seen as causing a general stock market tumble a week ago, as investors see Apple as a bellwether for the crucial tech industry.

Major iPhone suppliers Qorvo, Lumentum Holdings and Japan Display last week cut their quarterly profit estimates, citing an order reduction from a large customer, and as it turns out, Apple accounts for one-third to one-half of the revenue for those companies, the Journal notes.

The rest of the so-called FAANG stocks - Facebook Inc, Inc, Netflix Inc and Alphabet Inc - shed between 3 per cent and 1.3 per cent.

At 12:59 p.m. EDT the Dow Jones Industrial Average was down 392.90 points, or 1.55 per cent, at 25,020.32, the S&P 500 was down 40.74 points, or 1.49 per cent, at 2,695.53 and the Nasdaq Composite was down 185.94 points, or 2.57 per cent, at 7,061.93. "A unit of sale is less relevant to us today than it was in the past", Maestri said. Declining issues outnumbered advancers for a 1.79-to-1 ratio on the Nasdaq.

The S&P index recorded 26 new 52-week highs and 16 new lows, while the Nasdaq recorded 16 new highs and 123 new lows. Only the headline has been changed.

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