Thomas Peter | Reuters
An attendee uses a new iPhone X during a presentation for the media in Beijing, China October 31, 2017.
Apple‘s stock dipped slightly in premarket trading Monday after a report said it would halve production for the iPhone X in the first three months of 2018.
The tech giant told suppliers it would cut its production target for the phone to 20 million units, following slower-than-expected sales in the year-end holiday shopping period in Europe, the U.S. and China, the Nikkei reported Monday.
The company’s latest phone was released to the market in November for $999.
Shares of Apple were down by around 0.5 percent in U.S. premarket trade. Apple was not immediately available for comment when contacted by CNBC.