Apple Inc. is slashing planned production of the iPhone X for the three-month period ending March 31, people familiar with the matter say, in a sign of weaker-than-expected demand for the pricey handset.

Apple plans to make about 20 million iPhone X handsets in the first quarter, down from roughly 40 million initially planned, according to a person with knowledge of Apple’s production goals. Other people familiar with the iPhone supply chain said Apple had cut orders for components used in the iPhone X by 60%.

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