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The company is also likely to reduce orders for iPhone 8 and iPhone 8 Plus in the first quarter of 2018.

Apple (NASDAQ:AAPL) traded down 2.68% during midday trading on Wednesday, reaching $155.48.

This week leading U.S. consumer Group Consumer Report in another blow to Apple's pride, said that the old Galaxy 7 from Samsung was superior to the new iPhone 8.

According to a new report published by Reuters, more people in the USA are buying the 2016 Apple iPhone 7 as compared to the new iPhone 8, which was unveiled in September. While the iPhone X includes a full-face organic light-emitting diode (OLED) display and an all-new aesthetic, the iPhone 8 and iPhone 8 Plus continue to use older liquid crystal displays (LCDs) and identical form factors to their predecessors. Many analysts, including highly respected Apple supply chain source Ming-Chi Kuo, believe the X's release will kick off a "super cycle" of upgrades, which could encourage consumers who aren't ready to spend $999-plus to pick up an 8 instead.

Apple may have reduced the production of their iPhone 8 and 8 Plus for November and December because of the launch of the new iPhone X. This is Apple's 10th anniversary iPhone and it comes with the company's biggest updates to date.

The Apple iPhone X has a lot to offer but the one thing that everybody is looking forward to seeing is the new facial recognition system that would be exclusively offered on the new Apple iPhone X this year. "Working together, GE and Apple are giving industrial companies access to powerful apps that help them tap into the predictive data and analytics of Predix right on their iPhone or iPad".

"The Street is hyper-sensitive to any speed bumps around this next iPhone cycle and (that) speaks to the knee-jerk reaction we are seeing in shares", said Daniel Ives, chief strategy officer at research house GBH Insights in NY.

Early adaptors appear to be taking a wait-and-see approach to the iPhone 8, which rolled into stores in late September, just weeks ahead of the game-changing iPhone X.

Plus, the shadow of the looming iPhone X appears to be tamping down interest in the iPhone 8.

Apple has released two tiers of iPhones at once before.