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21 Oct 2022
Apple Stock Plunged After a Report About Scaling Back Production for iPhone 14 Plus
Apple stock fell this Tuesday after reports that the company had asked one supplier to stop producing a component for the iPhone 14 Plus while it reevaluated demand.
According to The Information, Apple told one of its manufacturing partners in China to cease production of a key component of the phone just two weeks after its launch date.
It's not just that factory either; two other suppliers that produce smaller sub-assemblies containing the key component have cut production.
Compared to the $1,099 price tag of the company's iPhone 14 Pro Max, the iPhone 14 Plus starts at $899.
The new data suggests that consumers choose the more expensive option for two large-screened iPhones.
Earlier, a report from Bloomberg reported that the company told suppliers to stop increasing production on the iPhone 14. (The iPhone 14 is a more affordable option than the iPhone 14 Pro)
In the wake of the report by Bloomberg, Apple stock fell around $4 per share and traded at $145 per share.
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