Apple Stock Slides On Report of iPhone Production Boost U-Turn

Apple  (AAPL)  shares moved sharply lower Wednesday following a report that suggested the world’s biggest tech company will scrap plans to boost iPhone production amid fading consumer demand.

Bloomberg reported that Apple has instructed suppliers and assemblers to pare back plans to boost production of the newly-launched iPhone 14 by as many as 6 million units, opting instead to chase a target of 90 million — roughly in-line with last year’s tally and its early summer forecast — for the second half of this year.