Brett Molina

USA TODAY

Shares of Apple are trading lower Friday following a report the tech giant extended cuts in production of its latest iPhone.

According to Nikkei, parts suppliers in Asia have been notified of the reduced production due to slower sales of the company's iPhone 6S and 6S Plus, launched last fall. It's the second straight quarter Apple has requested a cut in iPhone production.

Shares of Apple are down nearly 2% in afternoon trading.

Apple CEO Tim Cook said during an earnings call in January the company will experience a dip in sales for its flagship device in the upcoming quarter. Apple reports second quarter results on April 25. According to S&P Global Market Intelligence, analysts project revenue of $52 billion with earnings of $2 a share.

Hoping to reignite interest in the iPhone, Apple launched the iPhone SE, a smaller version of the iPhone boasting a 4-inch touchscreen.

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