Apple Cutting iPhone X Forecasts Could Be 'Horrible' For Tech Ecosystem

T TV Wednesday 27/December/2017 14:18 PM
By: Times News Service

Cupertino: Shares in several of Apple and several of its Asian suppliers fell on Tuesday, hurt by a report from Taiwan's Economic Daily and some analysts saying that iPhone X demand could come in below expectations in the first quarter.

Shares of Apple, Inc., plunged on Tuesday after a report that demand for new iPhones is worse than forecast. The Cupertino company's stock dropped more than two-and-a-half percent at the market's open.

The slide comes after Taiwan's Economic Daily said Apple will slash its outlook for the iPhone X for the first quarter to 30 million units, down from 50 million. A U.S.-based analyst is predicting shipments of just 25 million units, warning that consumers are balking at the product's high price and lack of innovation.

Apple has not publicly disclosed quarterly sales targets for the latest iPhone, which went on sale in November. An Apple representative said the company does not comment on market rumours.

On a recent visit to China, CEO Tim Cook said he 'couldn't be happier' with demand for the iPhone X in the country. Apple's selloff on Tuesday also a drag on the major U.S. stock indexes. The Nasdaq was down half a percent. The Dow and the S&P 500 were both flat