Apple is reportedly reducing its iPhone orders for the remainder of 2013, according to supply chain checks carried out by analyst Peter Misek. Orders for July-September has been significantly slashed from 40-45 million units to 25-30 million units, while Apple’s holiday quarter build plans have fallen from 55-60 million units to 50-55 million units.
Business Insider notes that if Misek’s report is accurate, the iPhone will have grown just 4.6% year-on-year during this year’s holiday quarter, which would surely cause Apple’s stock value to continue its decline even further. Unless the Cupertino company can launch new products that will keep fans spending, of course.
Misek has now cut his price target for Apple from $420 to $405 following its new order plans.
Should we be concerned about these reductions? Well, probably not. A very similar thing happened around this time last year as Apple made preparations for its next-generation smartphone, and there’s a good chance the Cupertino company is simply doing the same again.
However, it’s interesting that the company has supposedly made cuts for the fourth quarter as well, when the iPhone 5S should be available and demand should start ramping up again.