Apple stock ticks down on report of cut to iPhone 14 Plus production

Customers shop at the Apple Fifth Avenue store for the release of the Apple iPhone 14 in New York City, September 16, 2022.

According to a report, Apple asked one of its suppliers to stop making components for the phone while the company reexamines demand.

According to The Information, one of Apple's manufacturers in China has been told to stop making components for the phone less than two weeks after its debut. The report says that two other suppliers have cut production as well.

The company has a cheaper version of the iPhone 14 Pro Max, which starts at $1,099.

According to the report, consumers are choosing the more expensive model over the smaller one. The company told suppliers to bail on plans to increase production of the phone in September, according to a report. The cheaper option is the iPhone 14.

The demand for the new models didn't go as high as expected.

Apple didn't comment on the story.

The shares lost $4 per share on the report, but have recovered a bit. The stock of Apple is not moving.