Apple to halve iPhone X production target

Apple will halve its iPhone X production target for the first three months of the year to around 20 million units, the Asian Nikkei publishing company has reported, sending its shares down around 2.6% at one stage in the latest session.

The report added to growing concerns around weak sales of the $999 (€800) phone, making investors jittery about the company’s financial outlook when it reports first-quarter results on Thursday. Apple shares fell to their lowest level in 2018, knocking off $14bn (€11.26bn) from the company’s market value.