The Cupertino-based iPhone maker is reportedly lowering the production of its star product by as much as 10% for the current quarter, ending in March – a sign of slowing demand for the premium gadget.
Apple’s fortunes have turned quite sour in the last few months, as the company went from being the first to achieve a trillion dollar valuation in the U. S. to falling to the fourth place in the valuation wars and losing nearly $400 million from its market cap in just three months.
The company’s troubles largely stem from waning demand for its star product, iPhones.
