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Apple shares fall on reports of lower iPhone demand

  • Shares in Apple dropped on Monday after a newspaper report said orders were cut for spare parts on the back of unexpectedly weak demand for the iPhone 5.

    Apple's share price dropped almost 4 percent in early trading to below $500, well under its yearlong peak of $705.

    According to two unnamed sources quoted by the Wall Street Journal, Apple's first-quarter orders for iPhone 5 screens had dropped to about half of what the company had planned.

    The report added the US-based firm had also slashed orders for other components.

    Industry analysts see the move as a sign that iPhone 5 sales have been lower than expected.

    In recent months, Apple has faced increasing competition from Samsung and smartphones that run on Google's Android operating system.

    South Korea's Samsung has already overtaken Apple in terms of market share.

    View the interactive infographic of South Korea, click South Korea Fast-Facts