Apple Inc is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialise, Bloomberg News reported, citing people familiar with the matter.
The company told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year, Bloomberg reported.
Instead, the Cupertino, California-headquartered company will aim to produce 90 million handsets for the period, nearly the same number as a year ago and in line with Apple's original forecast this summer, the report said.
Apple did not immediately respond to a Reuters request for comment.
Demand for the higher-priced iPhone 14 Pro models is stronger than for the entry-level versions and at least one Apple supplier is shifting production capacity from lower-priced iPhones to premium models, Bloomberg reported.
Apple had this week said it would start manufacturing the iPhone 14, launched earlier this month, in India, as the tech giant moves some of its production away from China.
Changpeng Zhao, the former chief executive of Binance has been sentenced to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.
Emirates Airline has announced significant changes to its pilot recruitment strategy, which includes higher salaries, new roles and a radical change to eligibility.
Supermarket chain Spinneys has announced its decision to increase the number of shares allocated to the UAE Retail Offering of its IPO due to high demand.
The disbursement of $1.1 billion by the International Monetary Fund (IMF) will help Pakistan achieve greater economic stability, Prime Minister Shehbaz Sharif said on Tuesday, amid discussions for a new loan programme.
Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.
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