USA Today reported that Apple decided to cut orders for iPhone 5 components due to weaker than expected demand, leading to Apple shares dropping below $500. Apple’s recent orders of iPhone 5 screens for Q1 were half than what the company had originally anticipated, claims 2 unidentified sources. Apple’s earning announcement is due later this month, and things are not looking optimistic. Apple has misjudged its earning estimates before; the company missed their estimates in 3 out of the previous 5 quarters.
Simultaneously, Samsung announced today that its Galaxy S series sold over 100 million sales today, taking the title of world’s largest smartphone vendor by market share. In Q3 of 2012, Apple had 14.6% of world-wide smartphone shipments while Samsung’s share rose to 31.3%. Read more.