Shares of Apple are down 1.65% to $157.12 in early trading on Thursday on reports that the company has cut orders linked to its new iPhone 8.
Apple has cut production orders linked to the iPhone 8 by more than 50% for the rest of the year, according to Bloomberg which cites the Economic Daily News, a Taipei-based publication. The reports do not specify details of the production cuts nor the source of the information.
The iPhone 8 was seen as the less impressive of several new iPhone models Apple announced earlier this year. The iPhone X, with its edge-to-edge screen and new form factor, is the new flagship phone from the company. Apple decided to stagger the release of the new iPhones, releasing the iPhone 8 before the iPhone X, and it seems as if demand for the 8 is significantly smaller than expected.
Lines on the day of the iPhone 8 release in September were much smaller than expected, which many analysts took as a hint of lower demand for the new phone. Many investors were expecting a supercycle of upgrades to the new iPhone models, but the mix of models is yet unclear.
Apple is up 37.55% this year.
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