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Winnipeg Free Press - PRINT EDITION
Cuts to iPhone production take bite out of Apple price
NEW YORK -- Apple Inc. declined Monday to the lowest price in 11 months after the Nikkei news wire reported production of the iPhone was cut on weak demand.
Apple ordered about half the 65 million iPhone 5 displays it originally targeted for this quarter, Nikkei said, citing an unnamed executive at a component maker. Manufacturing curbs have been widely known since December, according to Steven Milunovich and Mark Moskowitz, analysts at UBS and JPMorgan Chase, respectively.
Last month, Apple cut production by about 30 per cent, which may be the result of inventory rebalancing or lower consumer demand, Milunovich wrote in a research report Monday. Order cuts may also be due to suppliers becoming more adept at building the latest iPhone, reducing the need for Apple to order excess parts, Moskowitz wrote in a note to clients Monday. "The bigger message related to any potential order cuts could be that iPhone 5 manufacturing yields and thereby gross margin are on the rebound," Moskowitz said. He said his projection for 25 million iPhone 5 units to be sold in the quarters ending in December and in March will be exceeded under the scenario Nikkei reported.
-- Bloomberg News
Republished from the Winnipeg Free Press print edition January 15, 2013 B4
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