Friday , August 6 2021

Apple's shares are down by 4% at a 3-month level

directly: Apple dropped by more than 4 percent on Monday, at a record level of more than three months after the news about the cancellation of production plans for the iPhone XR.

Earlier during the day, Nike's newspapers reported that Apple had asked its suppliers to stop increasing the iPhone XR after low demand.

The report added that Taiwanese Foxconn will cut production by 100,000 units per day, which is equivalent to a drop in demand for iPhone XR between 20 and 25% compared to previous expectations.

Apple has suffered heavy losses since its quarterly results last week, with a drop of 6.6 percent on Friday, the biggest daily loss in four years.

Apple's earnings and earnings surpassed analysts' estimates, and iPhone sales were lower than estimates in the fourth quarter of this fiscal year.

By 4:45 pm EST, Apple dropped by 3% to $ 200.52 after it was 198.17. Earlier on the session, the lowest since July 31.

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