Top Apple Supplier Cuts Hours As iPhone Fears Rattle Investors | NECN

Top Apple Supplier Cuts Hours As iPhone Fears Rattle Investors

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    NEWSLETTERS

    ASSOCIATED PRESS
    In this file photo, staffs work on the production line at the Foxconn complex in the southern Chinese city of Shenzhen, Southern city in China, Wednesday, May 26, 2010.

    Foxconn, which assembles most of Apple's latest iPhones, will cut working hours over the week-long Lunar New Year holiday, a person familiar with the matter told Reuters, in a rare move that analysts interpreted as a sign of softening demand, NBC News reported.

    Japanese daily Nikkei, citing parts suppliers, said Wednesday that output of the models would be cut by about 30 percent in January-March so dealers could unload stock. Apple shares lost 2.5 percent, and those of suppliers similarly fell.

    Reports of slowing shipments and mounting inventories of the iPhone 6S and 6S Plus, as well as tepid forecasts from suppliers, have pushed Apple investors into unfamiliar territory after years of booming sales and surging shares.