Shares of Apple took a nosedive on Tuesday after reports from industry analysts predicted weaker-than-expected demand for the high-priced iPhone X. Zhang Bin, an analyst for Sinolink Securities, said iPhone X shipments for the first three months of next year could be as low as 35 million units, about 10 million lower than earlier estimates, Bloomberg reports. His report comes after another report of lower estimates from Economic Daily, a Taiwanese newspaper, per CNN Money.
Apple stock was trading at $170.47 a share as of midday on Tuesday, compared to $175.01 at the close of the previous day. Apple has a lot riding on the iPhone X. The $1,000 device is estimated to have sold especially well over the holiday shopping season, but its broader appeal outside of the hardcore Apple loyalists remains to be seen.
Fortunately for Apple, there’s been good news lately, too: A report from Morgan Stanley last week suggested the iPhone X was selling faster than expected in China, a market Apple has been trying to win back after sales declined in 2017.