FX.co ★ Apple shares plummet on reports of iPhone XR production cuts

Apple has reduced the iPhone XR production due to weak demand. After this, the company shares fell by 6.63%, to $207.48 per share.

Foxconn, which manufactures Apple smartphones, prepared about 60 assembly lines for the iPhone XR, but only 45 of them are used, as the demand for devices were 20–25% lower than expected, the Japanese newspaper Nikkei, citing anonymous sources. So did another Apple smartphone manufacturer Pegatron.

The disappointing sales forecast led to a fall in Apple shares of 7%, to $206 per share, at the end of deals last week. As a result, the company's market capitalization fell by $70 billion and dropped below $1 trillion.

Apple introduced the new iPhone XS, XS Max and XR, as well as the updated Apple Watch 4 at its launch event on September 12.