Beijing/Taipei - Suppliers to Apple fell after a newspaper report that orders for iPhone 8 models had been cut for the rest of the year amid a lukewarm reception.
The report seems to be convincing enough as Reuters points out that it might have caused a 1.5 percent drop in Apple's share price in pre-market trading.
Shipments of iPhone 8 and iPhone 8 Plus in November and December are expected to be slashed from 10 million to 12 million to five million to six million units per month.
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Apple shares fells 2.8 percent in early Thursday trading after reports out of Taiwan that the tech giant has slashed orders for the iPhone 8 and 8 Plus by almost 50 percent for the rest of the year.
This device is a great deal more expensive (from $999) but it does offer an edge-to-edge display and no home button. They could also use iBeacons or location services to send information to a worker's iPhone or iPad if there is a problem or the engineer needs further information.
Shares of Apple were down more than 2 percent midmorning Thursday, at around $155 a share. The iPhone X, which goes on sale November 8, features an all-new design with an edge-to-edge OLED screen and revolutionary facial recognition technology.
Cramer said on " Squawk on the Street " that news about supply concerns or iPhone orders has plagued Apple investors "since the beginning of time". "Apple's lower iPhone 8 pricing should limit the impact, but it remains a risk". Some suggest it's due to the fact that many customers are simply waiting for the iPhone X to arrive. KeyCorp analyst A. Hargreaves now expects that the iPhone maker will earn $4.06 per share for the quarter, up from their previous estimate of $3.91. "(But) this is the early innings of what we believe is the biggest iPhone product cycle with X leading the way".