Apple Will Reportedly Cut iPhone7 Production in the First Quarter
A Japanese newspaper reports production cuts are coming for Apple's iPhone7 due to sluggish sales.
Shares of Apple (AAPL) - Get Report were under pressure Friday after a Japanese newspaper reported the tech giant might cut iPhone production by 10% in the first quarter. The Nikkei Asian Review cited sluggish sales for the IPhone 7 and noted that it is the second year in a row for production cuts in the first quarter. Apple suppliers such as Broadcom (AVGO) - Get Report also fell on the report. Recently, a Pacific Crest analyst wrote that iPhone 7 momentum was slowing. Apple stock has risen close to 10% this year.
