Shares of iPhone maker Apple (NASDAQ:AAPL) fell by 1.9% to $231.20 on Wednesday after TF International Securities analyst Ming-Chi Kuo said that iPhone 16 orders had been cut by around 10 million units for the fourth quarter of 2024 to the first half of 2025.
Most of the cuts were said to affect non-Pro models.
As a result, iPhone 16 production for the second half of 2024 is now estimated at 84 million units, down from around 88 million previously.
Kuo added that there was no evidence yet that Apple Intelligence could boost iPhone shipments in the near term.
Despite this dip, Apple's stock had shown strong performance leading up to the recent decline, having risen by 22.4% year-to-date.