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Apple may cut iPhone production
As consumer spending slows
4 November 2008 11:03 GMT / By Amy-Mae Elliott
It seems Apple may not be immune to the problems the current economic crisis is presenting to businesses, as analysts predict cuts in iPhone production.Analyst Craig Berger of Friedman, Billings Ramsey & Co has said Apple could reduce production by as much as 40% in the current quarter as consumer spending slows.
"Apple is a good proxy for broader consumer demand given that it has the hottest, sleekest, most desirable products", Berger wrote in a note to clients.
"That the firm's iPhone production plans are being revised lower suggests that the global macroeconomic weakness is impacting even high-end consumers", and that "no market segment will be spared in this global downturn".
In a statement following the company's latest financial results, Apple said: "Looking ahead, visibility is low and forecasting is challenging, and as a result we are going to be prudent in predicting the December quarter".
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