Apple's shares dropped by 3.9 percent in premarket trading on Wednesday following news that the tech giant is cutting production of its new iPhone 14 after seeing a weaker-than-expected demand.Sources familiar with the matter told that Apple is forgoing an additional six million handsets this year on top of the already 90 million units that were produced in 2021. The lack of enthusiasm among consumers is likely due to price increases for markets outside of the US and , leading consumers to stick with their older iPhones instead of purchasing the latest model.
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