Apple worsens selloff over iPhone 14 U-turn

Apple had told its suppliers to curtail efforts to increase the assembly of its iPhone 14 lineup.

| Updated on: Sep 28 2022, 22:58 IST
iPhone 12 Mini price drop on Apple Store UK! Save £100 in amazing deal, pay £529!
1/5 Apple is offering a staggering £100 discount on the 128GB variant of the iPhone 12 Mini. However, there’s a catch. (Apple)
2/5 This iPhone 12 mini will not be a new smartphone, instead, this iPhone deal comes as a refurbished smartphone directly from Apple. Apple makes sure that Apple certified refurbished products undergo the Apple’s stringent refurbishment process prior to being offered for sale again. Therefore, unlike the pre-owned devices you might find on eBay, these devices are in excellent condition. (Bloomberg)
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3/5 The 128GB variant of the iPhone 12 Mini is priced at £629 in the UK. However, under this special offer from Apple, you can get an Apple certified refurbished iPhone 12 Mini for just £529! That is an absolute steal! The offer is also valid on the 64GB variant of the iPhone 12 Mini. It is priced at just £489 instead of its original price of £579. All colour options are available for you to purchase - Green, Violet, Blue, Starlight and Black. (Apple)
4/5 According to Apple, all the refurbished iPhones are shipped in a special box along with their manuals and original accessories, the same one-year warranty as a new iPhone, a new battery and a new outer shell. So, you’ll be getting an almost brand-new device at a heavily discounted price. (Pixabay)
5/5 iPhone 12 Mini Specifications - iPhone 12 Mini has a 5.4-inch OLED display with a resolution of 1080 x 2340 pixels. It is powered by the Apple A14 Bionic processor, paired with a 2227mAh battery. In terms of camera, it has a dual camera setup with two excellent 12 MP cameras. (Apple)
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Apple worsens selloff in beleaguered growth stocks. Apple Inc shares fell 4% in premarket trading on Wednesday.  (AFP)

Apple Inc shares fell 4% in premarket trading on Wednesday and piled pressure on other growth stocks following a report that the tech giant was dropping its plans to boost production of the latest model of its flagship iPhone.

Bloomberg earlier reported that Apple had told its suppliers to curtail efforts to increase the assembly of its iPhone 14 lineup by as many as 6 million units in the second half of the year on disappointing demand.

Shares of the world's most valuable public company fell to $145.89 and were on track to open at a two-month low.

Other growth stocks including Microsoft Corp, Amazon. com, Google-parent Alphabet and Tesla Inc fell between 1.5% and 3% on the news.

"Weaker consumer demand is to be expected when utility bills are going up, interest rates are going up, mortgage costs are going higher ... discretionary spending is going to be curtailed by that," said Patrick Armstrong, chief investment officer at Plurimi Wealth in London.

"Apple is not immune to that and it's probably symptomatic of what's happening across many different companies right now."

The rate-sensitive growth stocks have taken a beating this year on the U.S. Federal Reserve's rapid pace of interest rate hikes.

The S&P 500 growth index has shed 29% this year, compared with a 17% slide in its value counterpart.

Shares of chipmakers fell on the news, with Apple suppliers Broadcom, Qualcomm and Taiwan Semiconductor, Skyworks Solutions and ON Semiconductor down in the range of 1.2% and 2.8%.

Apple's suppliers in Europe - STMicroelectronics, BE Semiconductor, Nordic Semiconductor, ASM International, Infineon, and ASML - fell between 1.6% and 4.7%.

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First Published Date: 28 Sep, 22:41 IST