It has been reported that the Apple Inc. is reducing production of the iPhone 14 Plus just weeks after it began shipping units.
According to the source, the Cupertino, California-based corporation instructed at least one Chinese manufacturer to immediately stop producing iPhone 14 Plus parts.
The iPhone 14 Plus, which has a starting price of $899, is a less expensive variant than the iPhone 14 Pro Max, which has a starting price of $1,099.
According to projections from data research firm Canalys, the worldwide smartphone market shrank 9% in the third quarter compared to the same period a year earlier. The move comes at a time when lackluster demand is anticipated over the next six to nine months.
Shares, which were trading at about $145, dropped by approximately $4 after the report, although they have since started to rise a little bit. Apple stock is currently unchanged for the day.
The iPhone 14 Plus, which is a part of a new lineup unveiled on September 7 and began shipping to customers on October 7, is positioned as a more affordable alternative to its more expensive iPhone Pro models.
According to a Bloomberg News report, Apple abandoned its plan to increase manufacturing of the new iPhone models last month because the anticipated jump in demand did not occur.