Are things not looking so bright for Apple? A report by JP Morgan this morning claims that the company has been cutting iPad orders from vendors. Several of those supply-chain vendors indicated that Apple cut iPad orders for the 4th quarter of 2011 by 25%.

This cut could translate in a drop from 17 million to 13 million iPads, something unheard of so far with Apple. Why such drastic measures?

Bloomberg provides an explanation:

“Reduced orders from Apple to iPad suppliers could reflect both weakening demand in Europe due to economic conditions there as well as a strategy by Apple, the world’s biggest company by market value, to operate with reduced inventory, Wanli Wang, a Taipei-based industry analyst at RBS Asia Ltd., said today.”

This damn recession!

With the Amazon tablet – possibly a strong iPad competitor – believed to hit the market just in time for the holidays, it seems that Apple’s move makes a lot of sense.

But don’t worry, Apple will make sure you can still get an iPad 2 for Christmas.

UPDATE: As I explain in the comments section below, the fact that Foxconn is opening a factory in Brazil has nothing to do with this order cut.

JP Morgan has since withdrawn this report due to inaccuracy.