Shares in Apple inc have fallen another 3.5% after reports suggesting that orders for it’s smartphones have been lower than expected.
The reports have heightened fears that demand for Apple’s iPhones has fallen in the wake of increased competition.
There are fears that Apple is struggling to compete with Asian rivals, including South Korean based firm Samsung Electronics.
Samsung has already overtaken Apple as the world’s largest smartphone vendor by market share.
Earlier today, Samsung said that global sales of its flagship Galaxy S smartphones had topped 100 million since the first model was launched in May 2010.
Analysts have forecast that Samsung will sell 290 million smartphones in 2013 compared with iPhone sales of 180 million.
Apple’s share price has fallen 28% since closing at a record $702.10 in September.
The ferocity of the smartphone market was highlighted in our blog past last week of Cheaper smartphones global market share grows when Dyenamic Solutions suggested that Apple may be forced to introduce a cut price smartphone to boost flagging sales.