Withdrawal of iPhone 6S, iPhone 6S plus orders drip Apple shares

New Delhi, Jan.7 (ANI): A day after American technology giant Apple Inc. scaled back its orders of iPhone 6S and iPhone 6S plus due to mounting inventories, the company’s shares dropped below USD 100 for the first time in nearly five months.

According to Reuters, Apple’s shares fell briefly to as low as USD 99.87 in Nasdaq trading on Wednesday, the lowest in five months.

“We can see per survey data that this decline in units is not a result of iPhone users switching away from the iPhone, but is simply due to the tough compare of the iPhone 6,” said analyst Nehal Chokshi from a brokerage firm, Maxim Group.

“There is really no way that they could have produced the number of incremental users that they did on the iPhone 6 cycle with the iPhone 6S cycle,” Chokshi added.

Earlier, Nikkei had reported that Apple Inc is expected to cut production of its latest iPhone models by about 30 percent in the January-March quarter.

The move has led Chinese suppliers to lay off staff as they ready themselves for lower sales of Apple’s smartphones.(ANI)

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