Shares of Apple on Nasdaq were trading down 2.45 percent to $155.77 as of 3pm BST Thursday afternoon.
Signs of poor demand for the iPhone 8 fuelled more questions on Thursday over Apple Inc's strategy of releasing two phones within months of each other in 2017, sending its shares nearly 3 percent lower.
"iPhone 8 demand has been naturally soft out of the gates with the main event being the iPhone X launch in early November". Now, a few weeks after the first of those devices, the iPhone 8, hit the market, it looks like that gamble isn't paying off.
The production cuts are a major blow for the brand-new iPhone 8, which earlier in the week was reportedly being outsold by last year's iPhone 7. The anticipation of the more advanced iPhone X would have caused the low iPhone 8 sales after the opening weekend.
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The new iPhone X is launching soon and according to a recent report, Apple has cut production of their iPhone 8 handsets in half. Meanwhile, an optimistic report this week from research firm Gartner said the iPhone X will help increase smartphone sales in 2018. I expect the baseline iPhone 8 to get a price cut to $599 next year and the baseline iPhone 8 Plus to be cut to $699 once the 2018 iPhones are released. They'd rather spend their money on Apple's brand new flagship than the iPhone 8. Apple analyst Ming-Chi Kuo has stated that due to problems with the mass production of the "Truedepth" camera sensor for the Face ID facial recognition system, the iPhone X will not go into full production until next year.
"The relatively high prices of the iPhone X are a necessary and important mechanism to control demand in the near term", Geoff Blaber, analyst at CCS Insight has previously said.
Vinh wrote in his research report that "many respondents indicated that a meaningful portion of customers is buying iPhone 7 in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone".
iPhone 8 and iPhone 8 Plus are arguably far less exciting than the iPhone X.
"Why are there two distinct models in Apple's iPhone portfolio?"