The daily business briefing: January 9, 2019

Apple reportedly cuts iPhone production by 10 percent, judge gives Lampert one more chance to buy Sears out of bankruptcy, and more

An Apple Store in Germany
(Image credit: Sean Gallup/Getty Images)

1. Report: Apple cutting iPhone production by 10 percent

Apple is cutting production of its new iPhones by 10 percent over the next three months, the Nikkei Asian Review reported Wednesday, citing sources with knowledge of the plans. Last week, Apple rattled tech stocks when it reported final-quarter 2018 revenue would be around $84 billion, down from its earlier guidance of $89 billion to $93 billion, due to weak iPhone sales in China. According to the sources, Apple asked suppliers late last month to produce fewer iPhones in the first quarter of 2019, marking the second such reduction in two months. The revised plans put iPhone production at 40 million to 43 million for the quarter, down from about 52 million in the same period last year.

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