People familiar with the matter said Apple Inc AAPL is stepping down from raising production of its new iPhone 14 lineup in 2022.
The Tim Cook-led company is backing off production of its newest smartphones due to the faltering demand, according to the report.
The iPhone 14 was launched earlier in September by the Cupertino, California-based company. The emergency sOS comes in five colors and comes with features such as Emergency SOS via satellite.
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Why It Matters: Before, Wedbush analyst Dan Ives had predicted that Apple is expecting a heavy iPhone Pro and Pro Max shift, and there is a baseline for almost 220 million iPhone units in fiscal year 2023, despite softer macroeconomic fundamentals.
Rumors of iPhone production cuts were reported in June. At the time, Apple watcher Ming-Chi Kuo said he maintained his second-half 2022 shipment forecast of about 100 million iPhone 14 units.
According to Benzinga Pro, Apple's shares closed 0.7% higher on Tuesday, at $151.76 in the regular hours.