Apple suppliers’ shares slump
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.