Apple cutting iPhone production by 10 percent: report

Apple has scaled back its planned production of the three newest iPhone models for the first quarter of 2019, Reuters reported Wednesday.

The news outlet, citing reports from the Nikkei Asian Review, said Apple has requested lower production of the XS, XS Max and XR models of the iPhone. The reduction came as a result of weakened iPhone demand in China, which is the world's largest smartphone market. 

The request to cut production came prior to Apple slashing its earnings forecast last week.

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Apple did not immediately respond to a request for comment.

In a CNBC interview broadcast Tuesday, Apple CEO Tim Cook touted the company's prospects moving forward and downplayed the impact of an ongoing trade dispute between China and the U.S.

Last week, Cook said there is no widespread boycott of Apple products in China after reports emerged that the company was facing backlash over the trade dispute.

The Trump administration has slapped billions of dollars of tariffs on Chinese products in recent months, prompting retaliatory measures from Beijing. The two sides are in the midst of a 90-day truce on imposing new duties as they attempt to negotiate a broader deal.