'Similar products come out, add $100 and you can get a more sophisticated smartphone.'
Apple Inc's Chinese manufacturer reportedly halted production of components for its new products, sending the company's shares down.
It is understood that Apple ordered the production of components for the iPhone 14 Plus to be stopped, while the company reassessed the relatively slow demand for the product.
It was also reported that 2 other manufacturers who installed the product were ordered to stop operations which in turn caused a decline in production.
This suggests that consumers are seen choosing to buy more expensive and larger-screened products such as the $1,009 iPhone 14 Pro Max over the $899 iPhone 14 Plus.
In addition, the Bloomberg report also said that the demand for the new iPhone 14 model did not reach the target as set by the market.
Worsening the situation even more, the smartphone market itself experienced a 9% decline in demand in the 3rd quarter of this year compared to before.
At the close of trading, Apple shares were down at least $4 and at the time of writing it was up 0.94% at $143.75 with a market capitalization of $2.31 trillion.
