Apple has reportedly cut its fourth-quarter iPad orders to China-based manufacturing partners by 25%, JPMorgan analysts Mark Moskowitz and Gokul Hariharan wrote in a research note on Sunday.

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According to Bloomberg, JPMorgan expects Hon Hais iPad 2 production to drop from 17 million units to 13 million units in the fourth quarter as a result of the cut, though Moskowitz did not adjust his earlier iPad shipment projections of 10.9 million units and 12 million units in the third and fourth calendar quarters as a result.

Speculation surrounding the reported production cuts vary greatly, and some theories are more likely than others  if JPMorgans report, which it says it has confirmed with multiple sources, is even accurate. Some suggest sales of Apples iPad 2 may be slowing or production could be cut ahead of the iPad 3 launch.

While Apple would certainly cut production in either of those cases, neither seems terribly likely. 

The iPad 2 is still selling almost as fast as Apples manufacturing partners can build it  Apple sold a record 9.25 million iPads into channels last quarter  and recent reports suggest the iPad 3 will launch in line with Apples annual release schedule next spring. Moreover, the iPad 2 continues to launch in new international markets where it is met with very high demand.

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