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Apple bobs higher as it hikes iPhone production forecast

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Apple Inc (NASDAQ:AAPL) shares were higher on Tuesday following a report that the tech giant is planning to produce around 95mln-96mln iPhones in the first half of 2021, a 30% increase on the same period last year.

According to a report from Nikkei on Tuesday, the production target includes Apple’s new iPhone 12 as well as its older iPhone 11 and iPhone SE models, with the higher figure attributed to strong demand for 5G phones.

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For 2021 overall, the company is planning to produce up to 230mln iPhones, 20% increase year-on-year, although this target is subject to demand from consumers.

The higher production targets may indicate that the company is still seeing strong demand for its core smartphone despite having to delay the launch of the iPhone 12 due to the coronavirus pandemic.

Higher iPhone production may also contrast with previous indications that Apple is looking to move away from its reliance on its smartphone and diversify its revenue stream through other offerings including its Apple TV+ streaming service as well as its Mac computers and Apple Smartwatch technology.

Shares in Apple were up 3.2% at US$125.67 in mid-morning trading in New York.

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