Apple to slash production by 30% due to lack of sales!

Apple stocks crashed yesterday from $110 to $101; as soon as reports followed that the electronics maker was planning to slash 30% of its production due to slow shipments from the past 4 months.

The sale of its latest 6 and 6s iPhones is terribly down and so company is planning to cut down procurement of electronic spare parts from its supplies like TDK Corp, Alps Electric Co Ltd, and Kyocera. The most affected from this move will be Sony Corp which offers image sensors in iPhones.

Apple expects to somehow boost its sales by March 2016 and expects normalcy in procurement by April and June quarter. It has infact slashed the rates of its latest Apple iPhone by 23% in Asian countries like India, Asia and China and is also planning to do the same in Australian continent

According to Thomson Reuters, Apple iPhone sales are expected to reach 4% growth in this year, a far cry from the 28% revenue growth it achieved in the fiscal year that ended in September 2015. High price of Apple products, heavy competition from other makers and lack of deals is said to be letting down the sales of Apple products.

More details are awaited!

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