Citi Research Is Latest Financial Firm to Lower Forecasts for iPhone Shipments

Citi Research cut first quarter production estimates for Apple’s iPhones, Reuters reported Friday, joining a list of other analysts lowering forecasts amid reports of weak demand. Citi projects Apple to make 45 million phones in the quarter, down from 50 million it forecast earlier. The brokerage firm lowered the forecast for the iPhone XS Max, which starts at $1,099, by 48 percent. Apple didn’t comment.