Apple reduces iPhone production due to dwindling demand

Apple will abandon plans to increase production of its new iPhones this year after an expected surge in demand did not materialise, according to Bloomberg, 

Apple has informed its suppliers that it will reduce the production of up to 6 million iPhone 14 variants in the second half of the year. This brings the total production figure to around 90 million, which is similar to last year and in line with the company’s earlier this year forecasts. Earlier this year, Apple’s Chief Financial Officer Luca Maestri warned that the conflict in Ukraine, which caused Apple to suspend sales in Russia, would have a greater impact on sales in the fiscal third quarter.