BENGALURU, India (Reuters) – Apple shares tumbled more than 3% on Wednesday, bucking other technology stocks after news that the company is abandoning plans to ramp up production of the latest iPhone model.
Bloomberg previously reported that Apple had told suppliers to scale back efforts to ramp up production of the iPhone 14 by as much as 6 million units in the second half of the year due to disappointing demand.
At 12:00 pm ET (12:00 GMT) Apple shares were down to $146.77, down 3.3%. Other tech stocks including Microsoft, Amazon.com and Alphabet were up about 1%.
“Weaker consumer demand is to be expected when utility rates are going up, interest rates are going up, mortgage costs are going up…consumer spending will be reduced because of this,” said Patrick Armstrong, managing director. of Plurimi Wealth’s investments in London.
(By Medha Singh and Susan Mathew)
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