By Christiana Sciaudone
Investing.com — Apple (NASDAQ:) traded slightly lower after Loop Capital cut iPhone build estimates for the year.
Shares fell 0.5% in mid-morning trading.
Analyst John Donovan dropped build estimates to 205 million, though it’s unclear what the previous estimate was. iPhone ships for the year should remain at between 208 million and 210 million, compared to the Street’s estimate of 234 million, StreetInsider reported.
Donovan points out that Air Pod production was slashed. About 146 million had originally been planned, but that was cut to 94 million, and he expects additional cuts this year.
In April, Loop Capital said massive build and shipment cuts were highly likely given their reads into the supply chain.
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