Apple’s stock decreased Monday morning after the company announced plans to cut production goals for the iPhone X in the first three months of the year.

According to Apple Insider, the iPhone X saw lower sales during the holiday season in Europe, the U.S. and China. Because of this, the company decided to cut its production goals to 20 million units instead of 40 million units.

So far, this is the lowest Apple's shares have fallen, according to Reuters, resulting in $14 billion loss to the company's market value.

The iPhone X became available in early November of 2017 with a price tag of $999, – one of Apple’s most expensive phones to date. 

Price may be a factor as to why sales are not where they should be for the device. Verizon Communications Inc. mentioned that customers are keeping their phones longer instead of upgrading as often as before.

Apple is scheduled to report their first-quarter earnings for 2018 on Thursday, according to Business Insider.


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