Report: Apple Cutting Orders For iPhone Parts
NEW YORK (AP) -- Apple shares are falling in premarket trading after The Wall Street Journal reported that the company has cut its orders for iPhone 5 components due to weaker-than-expected demand.
The newspaper says that two people it did not identify by name told it that Apple's first quarter orders for iPhone 5 screens have dropped to about half of what the company had previously planned to order.
It says one of the sources told the newspaper that the Cupertino, Calif., company has also cut orders for components other than screens. The Journal says it was told Apple notified the suppliers of the order cut last month.
Apple didn't immediately return an email seeking comment.
Apple shares dropped $18.81, or 3.6 percent, to $501.49 in premarket trading Monday.