Apple Inc. looks set to snap its longest win streak this year after a report that the iPhone maker is cutting production of its entry-level smartphone by a fifth amid lower demand for consumer electronics.
After nine straight sessions of gains, the stock fell as much as 1.6% Monday, moving it further away from fully erasing its year-to-date drop. As of Friday’s close, the stock was down just 1.6% in 2022.
The Cupertino, California-based company plans to reduce output of iPhone SEs by about 20% next quarter compared with its original plan because of signs that consumer-electronics demand is being hurt by the war in Ukraine and rising inflation, Nikkei reported, citing unidentified people. The company told multiple suppliers it was lowering production orders by 2 million to 3 million units for the quarter, according to the report.
