Apple to cut iPhone production by 10% this quarter

The tech giant told its suppliers in December to produce fewer of the new iPhones than what it had initially announced for the quarter, Nikkei said.

It will mark the second time in just two months that Apple has cut its production plans for its range of smartphones, from the expected 47m to 48m to about 40m to 43m, although the size of the cuts for each model are unclear .

Last week, Apple slashed its guidance on revenue, sending stockmarkets around the world tumbling as investors fretted about the increasing toll that the ongoing trade war between the US and China was having on firms.

IPhone shipments in China fell 12% last year, partly as a result of the growing trade spat between Washington and Beijing, with a further 3% decline to under 400m units - for the first time since 2014 - now expected, according to market research firm Canalys.

Shares of Asia-based Apple component makers rose on Wednesday, with AAC advancing +6.41%, Sunny Optical rising by +2.75% and Largan Precision putting on +6.04%.