Apple is reportedly cutting iPhone production by 10%

Apple is cutting down its current production plans for new iPhones by about 10 percent for the next three months, the Nikkei Asian Review reported on Wednesday. The tech giant told its suppliers in December to produce fewer of the new iPhones than what was planned for the March quarter, the Nikkei said, citing sources with knowledge of Apple's request. Last week, Apple slashed its guidance on revenue, partly blaming the revision on a weakening economy in China and lower-than-expected iPhone revenue in the Greater China region.