Apple's stock prices dropped after the tech giant reported that it would extend a 30 percent slash of iPhone production for another quarter ending in June. A report that iPhone 6s and iPhone 6s Plus sales have been lower than projected caused Apple stocks to dip 2.1 percent on April 15, Friday. The company just unveiled a 4-inch iPhone SE to boost sales before rolling out the iPhone 7 later this year.
The Nikkei Asian Review cited unnamed suppliers as its source that Apple has cut production runs for its smartphone. Taiwan Semiconductor Manufacturing Co. is one of Apple's largest chip suppliers. On April 14, Thursday it projected lower-than-expected revenue for Q2 because demand for smartphones with a price tag over $500 is dropping, according to Yahoo.
Nikkei reports that Apple is continuing the 30 percent cut in iPhone production that it announced for the January to March quarter will continue through the next quarter.
After the report was released, stocks of Apple's suppliers Skyworks Solutions and Broadcom also dropped, according to CNBC. Skyworks dipped 1.7 percent and Broadcom's stocks fell 2.1 percent.
Meanwhile, Apple' stocks have dropped over 13 percent during the past year. However, it has bounced back 13 percent during the past three months.
In related news, Apple is now offering a leasing option for its new iPhone SE in India. The two-year plan requires customers to pay $15 per month to lease Apple's newest smartphone.
Apple customers will also have the chance to switch to a different iPhone model during the leasing period. However, they will be required to pay the difference in the monthly fee.
The tech company has added full-page ads in several local newspapers to promote its new offer. It hopes that businesses will buy bulk quantities of the leased iPhone SE
Apple is also running leasing options for the iPhone 6 and iPhone 6s in India. The company has had record sales in the nation during the past year and has plans to open retail stores soon. One of them will be similar to the Fifth Avenue store in New York City.
The iPhone SE has been quite a hit in China with pre-orders passing 3.4 million.
Here's an iPhone 7 video: