Apple stock took a tumble earlier this month when reports indicated the company planned to cut production of the iPhone 6s and 6s Plus by 30% for the January-March quarter.
News of the slowdown was originally reported by Japanese media outlet Nikkei and picked up by the Wall Street Journal. Inventories are higher than usual, Nikkei reported, because sales of Apple’s newest smartphones have been slower than those of their predecessors.
Apple had a successful holiday season in 2015, when its products accounted for 49.1% of all new devices given during the week before Christmas through Dec. 25. Its newest iPhone 6s and 6s Plus models sold 13 million units during the week they launched.