Apple shares fell 2.3 percent following the news at the market's open in response.
Signs of poor demand for the iPhone 8 fuelled more questions on Thursday over Apple Inc's strategy of releasing two phones within months of each other in 2017, sending its shares nearly 3 percent lower.
The circumstances of the launch four years ago were different - the 5C was more clearly marketed as being an inferior version of the 5S, rather than the 8 and X's confusing numerical relationship - but Apple was able to recover and hold onto its place as the most valuable company in the world. It's the first time in history the company has ever reduced its orders by so much so soon after an iPhone launch.
A recent rumor suggested that the iPhone 7 was outselling the iPhone 8, how accurate this is remains to be seen.
Reports about low demand for the iPhone 8 were backed up by the fact that lines were shorter outside stores.
BoE Chief: Monetary Policy Is Stimulative, Fiscal Policy Is Restrictive
Meanwhile, monthly input price inflation eased notably to 0.4 percent from 2.3 percent. Inflation was last higher in March 2012.
One week prior to iPhone X pre-orders, a new report citing sources within Apple's supply chain claim that yield rates for some iPhone X components have improved and become stable enough to predict that Apple will be able to handle 2017's iPhone X demand.
Even though the sales of the iPhone 8 were doing well for a while, the sales started to drop during the release on the 22nd of September.
Apple and GE are making Predix available for iPad and iPhone via a new SDK for iOS, meaning developers have the tools to create Industrial Internet of Things apps on the Apple platform.
"Apple is hoping the later availability date for iPhone X will not affect iPhone 8 sales this quarter", Ian Fogg, mobile and telecoms analyst at IHS has previously said.
"Many respondents indicated that a meaningful portion of customers are buying iPhone 7 in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone", Vinh wrote in a client note obtained by Reuters earlier this week.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st.