Suppliers of Apple cut revenue estimates

Sales of new iPhone XR lower than expected amid fierce competition

Major suppliers of components and parts to Apple Inc have cut their revenue estimates due to the lower-than-expected sales of the tech behemoth's newly launched iPhone XR amid fierce competition from rivals.

Foxconn Technology Group, the biggest assembler of Apple's iPhones, aims to cut 20 billion yuan ($2.9 billion) from its expenses in 2019 as it faces "a very difficult and competitive year", according to Bloomberg.