Apple, led by boss Tim Cook, is understood to be curbing the number of iPhones it aims to produce for the rest of the year, knocking its shares. dropped around 4% in in early trading the US, wiping nearly $100 billion off its value, as investors reacted to news that it had cut back the number of iPhone 14s it planned to make.
While fewer iPhone 14 units could be produced this year, demand for more premium versions – the iPhone 14 Pro and iPhone 14 Pro Max - is understood to be stronger than the entry level version, potentially meaning that any dents to profitability could be cushioned. The lurch downwards also weighed on growth-focused peers such as Microsoft, Google-parent Alphabet and Tesla, all falling between 1.5 per cent to 3 per cent in premarket trading.
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