>> Shares of Apple Inc plunged on Tuesday after a report that demand for new iPhones is worse than forecast. The Cupertino company's stock dropped more than 2.5% on Tuesday. The slide comes after Taiwan's Economic Daily said, Apple will slash its outlook for the iPhone X for the first quarter to 30 million units, down from 50 million.
A US based analyst is predicting shipments of just 25 million units, warning that consumers are balking at the product's high price and lack of innovation. Reuters reporter, Paresh Dave.>> One analyst I spoke to said don't get too worried just yet maybe the situation is actually weak demand for the iPhone 8.
Most of the parts between the iPhone X and iPhone 8 are the same. There's just two key parts that are unique to the iPhone X. Those two parts are an OLED screen and a 3D sensing module that sort of provides augmented reality features and other technology to the iPhone X.
And in both of those cases, this analyst hasn't seen any production cuts and to him, that suggests that iPhone X is doing just fine.>> Apple has not publicly disclosed quarterly sales targets for the latest iPhone, which went on sale in November. An Apple representative said the company doesn't comment on market rumors.
On a recent visit to China, CEO Tim Cook said he couldn't be happier with demand for the iPhone X in the country.