Concerns over weak demand for the new iPhone 8 sent Apple shares down by the most in two months on Thursday, shaving $23bn off the tech giant’s market value.
The stock fell as much as 3 per cent to a near two-week low of $155.02.
The drop comes after Taiwan’s Economic Daily News said Apple has reportedly asked its suppliers to reduce iPhone 8 and iPhone 8 Plus production by nearly 50 per cent in November and December.
Talks of poor sales were further fueled by comments made by the head of Canada’s largest mobile network Rogers Communication in which he said appetite for the latest iPhone had been “anemic”.
While Apple no longer gives regular updates on first month sales, the two reports have prompted some analysts to question the company’s decision to release the two iPhone 8s before the iPhone X.
Sentiment for the stock was also not being helped by another report in the Wall Street Journal saying that the independent cellular connection that Apple has touted as a selling point for its new Apple Watch is no longer available to new customers in China — one of Apple’s key markets.
Despite Thursday’s decline Apple shares are still up by more than 34 per cent this year.