iPhone 5 reduced orders cause Apple shares to drop below $500

Credit: Apple

According to The Wall Street Journal and Japanese newspaper Nikkei, demand is lower than what the company had planned.

Sales of the latest model of the iPhone have not been as strong as planned since its release in September 2012.

Apple reportedly asked its suppliers – Japan Display, Sharp and LG – to reduce their production of LCDs, originally planned at 65 million units in the first quarter, according to Nikkei.

Sources familiar with the matter say Apple has also revised its orders from other types of components, WSJ reports.