The quarterly results will be announced Thursday, U.S. time.
An early 2017 iOS update, iOS 10.2.1, had throttled the performance of the iPhone 7 and older models when the battery would reach a certain level of degradation. After the reports of production cut, the shares of Apple have gone down by 1.6%.
Apple declined to comment. A leaked report suggested that Apple will likely cancel production of the iPhone X due to its low sale numbers. The company is expected to show a slight uptick in iPhone shipments -79 million, up 0.9% from a year ago, according to the analyst consensus.
Even after a positive report from Canalys, the Cupertino tech Giant Apple has run in trouble with the iPhone X. It is now reported that the company is cutting their production target for the device to half. The iPhone X production cuts for the March period have raised investors' concern that sales could fall short and that average selling prices for the iPhone, a much watched metric, could also lag behind expectations. Piper Jaffray Companies reaffirmed a buy rating and set a $200.00 price objective on shares of Apple in a research report on Tuesday, January 2nd. The shares are off 5.7% since January 22. Rosenblatt Securities set a $120.00 target price on shares of Apple and gave the stock a "hold" rating in a research report on Wednesday, May 3rd.
Ives expects Apple to continue its strategy of releasing three new phones in the fall, two with the shape and specs of the iPhone X, and a smaller, less expensive model to replace the iPhone 8.
Quake strikes India, Afghanistan and Pakistan on day of Lunar eclipse event
However, no loss of life or any damage to property has been reported from Delhi and the adjoining areas due to the quake . Natural disaster tremors were also felt all across North India, including in Punjab, Haryana and Himachal Pradesh.
Some consumers have said they don't believe the features justify the iPhone X's high price.
Further complicating things, Apple for the first time a year ago released three new devices, meaning the iPhone X competed for sales with the iPhone 8 and iPhone 8 Plus. More than two-thirds of its revenue will come from iPhone. The investigation is said to be in its early stages. "Apple doesn't need to rely on one model to perform very well to be able to achieve the financial results they are aiming at", Ms. Peng said.
The company had already notified the suppliers of components.
Reducing the release of iPhone X will have a big impact on manufacturers which are cooperating with the USA firm. Stonehearth Capital Management LLC increased its stake in shares of Apple by 0.8% in the first quarter. He sees prices overall on iPhones later this year to rise 8%.