Apple to trim AirPod production as competition grows
Apple will report quarterly earnings after the close of markets on Wednesday
Cloud business fuels earnings for big tech
Windows Central Executive Editor Daniel Rubino and Global X Funds SVP Jay Jacobs discuss cloud business growing under big tech.
Apple plans to trim production of its AirPods wireless earphones by 25% to 30% this year, accoridng to a report from Nikkei Asia.
Increasing competition is reportedly the reason for cutting back.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Apple is expected to make between 75 million and 85 million units for 2021, compared with a previous production forecast of 110 million units.
Shipments had been growing by double-digit percentages since their introduction in 2016.
APPLE INVESTING $430B IN US, NORTH CAROLINA CAMPUS FIRST ON EAST COAST
Apple has plans to introduce new AirPods this year that will boost sales, accoridng to Nikkei.
Apple repotedly shipped around 72.8 million units of AirPods last year, dominating the market for Bluetooth true wireless headphones with a 31% share, accoridng to the research company Counterpoint Research.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 228.02 | +3.02 | +1.34% |
Wearables and other accessories, which include AirPods, the Apple Watch and HomePod, accounted for $12.97 billion in revenue, or over 11% of Apple's total, in the last three months of 2020.
Apple will report quarterly earnings after the markets close on Wednesday.
CLICK HERE TO READ MORE ON FOX BUSINESS
The tech giant is expected to report earnings per share of $0.99, which would be a 54% hike from a year ago. Revenue is expected at $77.35 billion, according to Refinitiv estimates.