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Citi lowers Q1'19 iPhone production forecast

Citi Research expects Apple Inc. to produce 45 million iPhones for the first quarter of its fiscal 2019, down from its previous forecast of 50 million units, Reuters reported.

According to the report, analyst William Yang said in a Dec. 28 research note that the lower estimate was primarily due to the weak outlook for the iPhone Xs Max, which was among the three new phones the company unveiled in September.

"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," Reuters quoted Yang as saying in the note.

Citi Research also cut its projection for the iPhone Xs Max, which begins at $1,099, by 48%, Reuters added.

Earlier in December, TF International Securities analyst Ming-Chi Kuo also slashed the forecast for iPhone shipment for the first quarter by 20%, saying demand for the device is falling way short, CNBC reported.

In the fiscal fourth quarter ended Sept. 29, iPhone unit shipments stood at 46.9 million, generating sales revenue of $37.19 billion, up 29% from the year-ago period.