Apple suppliers fall on report firm is ditching iPhone production boost
Feline Lim


Shares of Apple (NASDAQ:AAPL) suppliers fell premarket on Wednesday after Bloomberg News reported that the tech giant was pulling back from plans to boost iPhone production.
Bloomberg reported on Tuesday that Apple (AAPL) is telling suppliers to back off from an effort to boost assembly of iPhone 14 models by up to 6M units in the second half, instead focusing on a flat 90M-handset forecast consistent with the prior year.

The company had boosted projections as it headed into its launch event for the iPhone 14, and suppliers had started preparing for a 7% boost to orders. However, Apple is pulling back on those plans as the anticipated demand has not materialized, according to Bloomberg.
Consequently, shares of Apple (AAPL) suppliers fell in premarket trading on Wednesday.
Among notable movers were: Micron Technology (MU) down -2%, Qualcomm (QCOM) -3%, Skyworks Solutions (SWKS) -1.6%.
Other chip stocks that fell include: Advanced Micro Devices (AMD) -1.4%, Lam Research (LRCX) -1.4%, Applied Materials (AMAT) -2%, Broadcom (AVGO) -1.3%

AAPL shares were also down ~4% in premarket hours