Apple cuts orders for iPhone 5 components

By WEEK Reporter

Apple cuts orders for iPhone 5 components

January 14, 2013 Updated Jan 14, 2013 at 4:39 PM CDT

CUPERTINO, Calif. -- NBC News is reporting that Apple is cutting orders for iPhone 5 parts.

Apple has asked Japan Display, Sharp and South Korea's LG Display to roughly halve supplies of LCD panels from an initial plan for about 65 million screens in January through March, the Japanese daily said, citing people familiar with the situation, adding that Apple also cut orders for other iPhone parts.

Apple shares fell more than 4 percent to $498.20 on Monday. They closed at $520.30 on Friday on the Nasdaq.

The company has faced stiff competition in the smartphone sector, especially from Samsung, which has overtaken Apple in sales.

The rest of NBC News' report can be read HERE.

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