Apple shares fell 4% in premarket trading on Wednesday, also putting pressure on other tech growth stocks.
(Reuters)
[Financial Channel/Comprehensive Report] Apple shares fell 4% in pre-market trading on Wednesday after media reports that Apple was abandoning plans to increase production of the latest model of the flagship iPhone 14, also putting a lot of pressure on other technology growth stocks .
Bloomberg reported that Apple has told suppliers to abandon plans to increase production of the iPhone 14 series by 6 million units in the second half of this year due to disappointing demand.
Shares in the world's most valuable listed company fell to $145.89.
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Other growth stocks, including Microsoft, Amazon, Google parent Alphabet and Tesla, fell between 1.5% and 3% on the news.
Shares of chipmakers fell, with Apple suppliers Broadcom, Qualcomm and TSMC, Skyworks Solutions and ON Semiconductor falling between 1.2% and 2.8%.
Apple's European suppliers STMicroelectronics, BE Semiconductor, Nordic Semiconductor, ASM International, Infineon and ASML fell between 1.6% and 4.7%.
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