Customers try out new iPhones at an Apple store as the iPhone 14 series goes on sale on September 16, 2022 in Shanghai, China.
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Apple shares fell about 4% on Wednesday following a report that the company asked its suppliers to scrap plans to increase iPhone 14 production. did not peak as high as expected, according to Bloomberg.
Apple will no longer aim to increase production by 6 million units in the second half as it had planned, according to the report. The company will strive to produce 90 million units instead, which is roughly in line with Apple’s forecast and production last year, according to Bloomberg.
The report also impacted Apple supplies and manufacturers. Shares of key chipmaker Taiwan Semiconductor Manufacturing also fell about 3%. Shares of Hon Hai, also known as Foxconn, fell about 2.9%. Foxconn builds Apple’s iPhones.
Demand for the iPhone 14 Pro is higher than for other new phones, Bloomberg reported, leading at least one Apple vendor to shift production capacity from lower-tier models to the premium version.
An Apple representative declined to comment.
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