Apple lost 1.67% of its value on Friday after a surprising drop in the early afternoon which plunged the stock down over 2% at one point.
The stock dropped sharply at about 1:30 PM ET before making a slight comeback.
Apparently, a German research firm, GfK, issued a report based on “channel checks” suggesting that iPhone 7 sales would be down from last year based on data from Europe and Asia.
People who have seen a copy of the report are saying that it claims that iPhone 7 unit sales are down 25% on an annual basis against last year’s iPhone 6S model, although it does not measure sales in the United States.
GfK claims iPhone 7 unit sales are down 25% YoY Vs 6S. $AAPL
— Justin Pulitzer (@JustinPulitzer) September 23, 2016
An article in Asian electronics trade Digitimes earlier on Friday also suggests that Apple has told its chip partners that its iPhone 7 chip orders will fall about 20% sequentially in the first quarter of 2017.
Here's the chart at close:
