Shares of Apple fell 4 percent on Monday after a report said the tech giant has cut down on iPhone production orders.
The Wall Street Journal reported, citing people familiar with the situation, that Apple has slashed orders for the iPhone XR, XS and XS Max models. The three models were unveiled in September.
Apple told its suppliers it planned to slash production of the XR by a third of the approximately 70 million units it had asked them to build between September and February, the Journal reported. It added that in the past week the company told suppliers it plans to trim production of the XR again.