Apple to cut iPhone Production in First Quarter of 2017

Reports from Reuters show that the Cupertino-based tech firm, Apple Inc. will trim production of it’s iPhones by about 10% in the first quarter of 2017, the Nikkei financial daily reported on Thursday, citing calculations based on data from suppliers.

The company had slashed output by 30% in January-March this year due to accumulated inventory, the paper said.

Apple’s shares were down 0.84% in midday trading, in line with the Nasdaq stock index.

An Apple spokeswoman declined to comment on the report.

source: Reuters and Nikkei Financial Daily

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