Tuesday saw a decline in Apple share price following news that the company had requested a supplier to halt production of a part for the iPhone 14 Plus while it reevaluated demand.
Less than two weeks after its release, one of Apple’s Chinese suppliers has been told to immediately stop producing a component for the phone, according to The Information. The iPhone 14 Plus, which starts at $899, is a less expensive option to the company’s iPhone 14 Pro Max model, which starts at $1,099. Two other vendors who assemble modules from that component have also drastically reduced manufacturing, according to the source.
According to the latest survey, people are choosing the more expensive of the two iPhones with large screens. According to a previous Bloomberg story, the company reportedly instructed suppliers to abandon plans to boost iPhone 14 production in September. (The less expensive option to the iPhone 14 Pro is the iPhone 14).
According to Bloomberg, the new models’ demand did not increase as quickly as was expected.
Apple chose not to respond to the report.
Shares, which were trading at about $145, dropped by approximately $4 after the revelation, although they have since started to rise a little bit. Apple stock is currently unchanged for the day.