Amidst reports of weak global demand for Apple's new iPhone lineup, Citi Research has become the latest Wall Street firm to significantly lower its first-quarter production estimates for the devices.
According to Reuters, Citi analyst William Yang believes the iPhone XS Max to be the worst-performing model of the lot, reducing its sales forecast by a whopping 48 percent.
He also cut the combined shipment forecast for all iPhones during the next quarter from 50 million to 45 million, largely on account of weak demand for the iPhone XS Max.