Apple shares fell about 2% on Wednesday after industry supply chain analyst Ming-Chi Kuo said the company has cut orders for the iPhone 16 by about 10 million units.
"As a result, iPhone 16 production for 2H24 is now estimated at 84 million units," Kuo said, noting that's down from about 88 million units initially estimated for production.shares fell about 2% on Wednesday after industry supply chain analyst Ming-Chi Kuo said the company has cut orders for the iPhone 16 by about 10 million units for the fourth quarter of this year and the first half of 2025.Sign up for NBC LA's News Headlines newsletter.
"iPhone revenues are expected to come under pressure in 1H25 due to a YoY shipment decline and a less favorable product mix due to the launch of SE4," Kuo said, referring to the iPhone SE 4 phone he expects Apple to ship in December. Apple's iPhone SE models are usually the most affordable in its lineup but it doesn't refresh them annually.