Apple reportedly cancels iPhone XR production boost

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Apple may have made a boatload of money in the July - September 2018 quarter, managing to considerably boost its share of United States smartphone sales before the iPhone XR was even released, but it's not all rosy in the Cupertino camp.

According to Nikkei, Apple has told smartphone assemblers Pegatron and Foxconn to halt plans for additional production lines that they were to dedicate to the iPhone XR.

Apple's smaller supplier, Wistron, was reportedly told to eliminate all expectations of producing any iPhone XR parts.

During a quarterly call with analysts Thursday, Apple executives said that the company will stop providing unit sales data for its three major hardware businesses as of the current quarter, which is Apple's first quarter of fiscal 2019.

The Cupertino, California-based company has blamed weakness in emerging markets and foreign exchange costs for a disappointing forecast for sales in the run-up to Christmas that are crucial to results for consumer electronics producers.

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At the lowest level of the day, Apple shares have registered a loss of 10.8 per cent in two days.

Meanwhile, Americans can expect to work 6.3 days, on average, to afford the 64GB iPhone XS and 6.9 days for the 64GB iPhone XS Max. This is not the first time, five years ago, when Apple launched the iPhone 5C with plastic back, it had cut production orders a month after its launch, which fuelled speculation of weak demand for the model.

Apple shares fell almost 4 per cent after the report, which fueled concerns that the iPhone XR, the cheapest of three iPhones Apple unveiled in September, was facing weak demand just days after it hit shelves.

Investors continued doing damage to Apple's stock price on Monday, following the company's controversial move to end the disclosure of unit sales data for its iPhone, iPad and Mac businesses.

Apple closed just above $200 on Monday amid a wider tech sell-off that has seen other FAANG stocks - Facebook, Apple, Amazon, Netflix, and Google - fall in recent weeks. The company killed the iPhone SE without so much as an announcement. Given the disparity between what we saw being said about the iPhone X previous year and its 12-month performance, some caution is clearly warranted.