Apple suppliers’ shares slump

Iphone 5Apple has seen increased competition in the smartphone market from the likes of Samsung

Shares of Sharp and other suppliers of iPhone parts to Apple have fallen after reports of a cut in orders for the iPhone 5.

Apple has reduced orders by about 50% for its latest model, according to the Nikkei newspaper in Japan.

Sharp, which makes display panels for the device, slumped as much as 7% in Tokyo trade. Speaker-maker ACC Technologies fell 4.2% in Hong Kong.

Apple shares hit an 11-month low in New York on Monday after the report.

Apple has seen increased competition in the smartphone market in recent months.

South Korea’s Samsung Electronics, which offers a wider variety of smartphones, recently overtook Apple as the world’s largest smartphone maker by market share.

Some analysts have said that Apple will need to come out with a cheaper smartphone to target customers in emerging markets.

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