Following a report from TF International Securities analyst Ming-Chi Kuo showing iPhone 16 orders being cut by roughly 10 million devices for the next few quarters, Apple (NASDAQ:AAPL) stock dipped 1.8% on Wednesday. Kuo pointed out that the cuts affected non-pro models mainly.

"iPhone 16 orders were cut by around 10 million units for 4Q241H25, most of the cuts affecting non-Pro models," Kuo stated on his blog. Consequently, from a previous estimate of around 88 million units, production for the later half of 2024 is now expected to be 84 million units.

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Kuo's updated projection is for 80 million, 45 million, and 39 million iPhones produced overall over the next three quarters, respectively. In the comparable periods in late 2023 and early 2024, it effectively shows a drop of 84 million, 48 million, and 41 million units. Kuo said despite the reduction that mass manufacturing of the iPhone SE4 is scheduled to start in December and that estimated output is roughly 8.6 million units. Kuo's remarks came two weeks following his revelation that assembly orders had stayed mainly constant.

This article first appeared on GuruFocus.