London: Shares of technology giant Apple have fallen by 3.5 percent after reports emerged suggesting that orders for its iPhone 5 have been lower than expected.
Apple is reported to have halved its orders for the display panel featured on the phone for the January to March quarter, according to the Nikkei Japanese news service.
The reports have heightened fears that demand for Apple’s iPhones has fallen in the wake of increased competition.
Apple’s share price has fallen 28 percent since closing at a record 702.10 dollars in September.
According to the BBC, the iPhone 5 came out in September.
Jefferies analyst Peter Misek trimmed his iPhone shipment estimates for the January to March quarter in December, saying that the technology company had started cutting orders to suppliers to balance excess supplies, the report said.
There are fears that Apple is struggling to compete with Asian rivals, including South Korean based firm Samsung Electronics.
Samsung has already overtaken Apple as the world’s largest smartphone vendor by market share, the report said.
Earlier on Monday, Samsung said that global sales of its flagship Galaxy S smartphones had topped 100 million since the first model was launched in May 2010.
Analyst firm Strategy Analytics has forecast Samsung will sell 290 million smartphones in 2013 compared with iPhone sales of 180 million, the report added.