Apple shares continue to slide as tech giant cancels iPhone XR production boost

Apple has reportedly told two of its smartphone manufacturers to stand down on plans for additional production lines for the iPhone XR, just days after the firm said it would not meet analyst expectations for sales over the festive period.

Sources on Apple's supply chain told Japanese newspaper the Nikkei that while one Apple supplier had initially prepared nearly 60 assembly lines for the XR, it has recently only been using around 45 lines.

Apple's share price fell over three per cent on the news, taking it below a market value of $950bn (£729.5bn) for the first time since becoming the world's first publicly-traded company to be valued at $1 trillion in August.

The iPhone XR was touted as a cheaper version of Apple's more expensive iPhone XS and XS Max models, intended as a way for users to upgrade their smartphone without the higher price point.

Apple has increasingly relied on its higher average of price per phone to boost revenues, as smartphone sales globally started to dwindle.

The company said on Friday that it may not meet consensus expectations on revenue for the period to January 2019, which chief executive Tim Cook blamed on weakness in emerging markets, foreign currency costs and an inability to meet demand for new iPhone and iPad products.