Among other Apple suppliers, Cirrus Logic Inc. sank 14 per cent, Qorvo Inc. and Broadcom Inc. each slid 6.4 per cent, ON Semiconductor Corp. fell 5.9 per cent, Skyworks Solutions Inc. fell 5 per cent, and Finisar Corp. dropped 4 per cent. Semiconductor stocks were broadly lower with the Philadelphia Semiconductor Index losing 4.4 per cent.
Most of the new iPhones are priced at $999 and up, with the tricked-out iPhone XS Max going for as high as $1,449.
The Cupertino, California-based tech giant's shares fell to their lowest level in more than three months on Monday. While this explains the reduction in order, there's no denying the slowdown in iPhone sales. Apple didn't immediately reply to a request for comment late Monday.
Following a poor forecast earlier this month, analysts and investors expressed concerned about Apple's prospects and said its smartphone sales might be stagnating.
Analyst Ming-Chi Kuo has been keeping his finger on the pulse of Apple component suppliers and that pulse is slowing the total expected shipments of the iPhone XR have been revised down by as much as 30%.
Apple analyst Ming-Chi Kuo, who has a years-long track record of accurately predicting everything from new Macs to new iPhones, says he is cutting his original shipment estimates for Apple's new iPhone XR from 100 million units in the current holiday quarter to 70 million units, reports MacRumors. Nikkei reported earlier this month that Foxconn had cut as many as 15 production lines for the device. However, Apple's less-expensive older phones may get a sales boost from the weak iPhone XR.
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Asian suppliers also tumbled after the report.
Analysts said the lack of technological breakthroughs in Apple's product line has put a cap on demand, which would persist in the coming quarters.
"In addition to more durable iPhone offerings, we worry that the combination of a smartphone market that has gone ex-growth and increased iPhone ASPs, especially relative to the market, risks materially pushing out replacement rates for iPhone", he wrote on Monday, referring to average selling prices.
The iPhone XR began shipping on October 25th and, since then, has been mired with speculation of weak sales.
More recently, Apple launched a new version of its operating system, iOS 12, that supports an unprecedented 28 of the company's devices, including models that went on sale in 2013.