Jan. 14 - Reports of weak iPhone demand have put additional pressure on shares of Apple, which are down almost 30 percent from their peak. Bobbi Rebell reports.
The Daily Digit is 30. Apple's stock has plunged almost 30% since its peak last September, and the latest bad press may make things worse. Japanese business news service Nikkei reported on Monday that Apple has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The move, if confirmed, would support analyst reports that sales of the new iPhone 5, which was released in September, have not been as strong as anticipated. Apple has lost ground in the $200 billion plus global smartphone market to South Korean rival Samsung Electronics and smaller Chinese rivals. Samsung has overtaken Apple, helped in part by the popularity of its Galaxy Note II, which is a combination of a phone and tablet. Analysts say Samsung reinforced the benefits of offering a wider range of handheld devices at different price points. In the meantime, Globally, Apple rolled out just one single new smartphone last year.