Citi Research cuts iPhone XS Max sales forecast by 48 percent

iPhone XS

Yet another market research firm has cut production estimates for Apple’s latest trio of iPhone smartphones.

Citi Research has cut its sales forecast for the iPhone XS Max, Apple’s top-tier model, by 48 percent, reports Reuters. Overall, the firm expects Apple to manufacture 45 million iPhones in Q1 2019, down from the 50 million it forecasted earlier in the year.

“The material cut in our forecasts is driven by our view that 2018 iPhone is entering a destocking phase, which does not bode well for the supply chain,” wrote analyst William Yang in a note to clients.

The iPhone XS Max is Apple’s most expensive iPhone model. In Canada, it starts $1519.

This past November, Taiwan’s DigiTimes cames out with a report that said Apple had ordered a second iPhone production cut, following an earlier one in mid-November.

Weak demand for Apple’s three new iPhones has rippled across the company’s supply chain, hitting Foxconn, the firm that assembles the majority of iPhones, the hardest. As of November 21st, Foxconn had planned to cut 10 percent of its non-technical staff as a direct result of poor iPhone demand.

Source: Reuters