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9/28, 3:45 PM (Source: TeleTrader)
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Apple drops 4% on report it won't boost iPhone production

Shares of Apple Inc. slid more than 4% on Wednesday after a media report suggested the company has abandoned plans to boost the production of the iPhone 14.

The tech giant reportedly informed suppliers it does not plan to increase production of its latest model after noticing demand for the iPhone 14 failed to spike as high as expected, Bloomberg reported. Instead of raising production by 6 million units in the second half of 2022, Apple is planning to make 90 million units in the six-month period.

Apple shares slumped 4.07% to $145.59 at 9:44 am ET.

Baha Breaking News (BBN) / NP