Apple to cut production of iPhone 6S & 6S Plus

According to business daily the Nikkei, it is expected that Apple Inc will decrease production of its iPhone models by some 30% in the January-March quarter, due to a surplus of existing stock.

Apple stock has lost about 25% of its value from record highs last April, the Nikkei reported. The shares of Apple suppliers also fell, while other affected companies include Sony Corp, which makes image sensors used in iPhones.

For the 2016 fiscal year, Apple is expected, on average, to grow revenue by less than 4% - quite a difference from the 28% revenue growth it achieved in the past fiscal.

Production is expected to pick up again in the April-June quarter.

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