CNN Business

Apple shares fell 4% in early trading on Wednesday amid concerns about demand for the company’s new lineup of iPhones.

Apple ( AAPL ) is said to have abandoned efforts to increase production of its iPhone 14 line by 6 million units in the second half of this year after falling short of expectations, according to a Bloomberg report on Tuesday citing anonymous sources familiar with the matter.

The company is now said to be planning to produce around 90 million iPhone 14 units during this period, which is the same as last year, according to the report.

Apple did not immediately respond to a request for comment.

The iPhone 14 went on sale earlier this month, with the most recent update. The new devices contain improved cameras and an interactive “Dynamic Island” tool to show notifications instead of large amounts on the top of the display. But the biggest change that can be said is the lock screen, which now has an always-on display, like Android devices.

Like other tech companies, Apple faces the challenge of convincing customers to upgrade to its devices — which can have four-figure price tags — amid fears of a global recession.

“Although Apple has been more resilient than most of its competitors, orders and shipments of the new iPhone 14 family have been strong, but it seems that the company has not escaped the severe economic pressures facing most of the major markets. It is working ,” said Ben Wood, an analyst at CCS Insight.

“It’s always difficult to know what the rumors are about Apple’s production plans,” Wood added, but it would make sense if it decided not to make big promises for future production increases in the future. the current situation.”

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