Apple cuts orders for iPhone 5 parts on weak demand: Nikkei
(REUTERS) - Shares in Apple Inc dipped below US$500 (S$612) for the first time in almost one year after reports it is slashing orders for screens and other components as intensifying competition erodes demand for its latest iPhone.
Japan's Nikkei reported on Monday that the world's largest technology corporation began sharply reducing buying of liquid crystal displays (LCD) about a month ago from suppliers like Japan Display Inc and Sharp Corp.
The report, later matched by the Wall Street Journal, comes as hard-charging rivals like Samsung Electronics, which makes phones based on Google Inc's popular Android software, continue to expand market share globally.
Apple stock slid more than 4 per cent to an intraday low of US$498.51 - a level not seen since Feb 16, 2012 - before bouncing back to trade just above US$500 at midday. The news also hurt shares of suppliers such as Cirrus Logic Inc, which dived 9 per cent.