Pressure on Apple shares continues over iPhone X worries

LONDON, ENGLAND - NOVEMBER 03: An iPhone X is displayed in the Apple store upon its release in the U.K, on November 3, 2017 in London, England. The iPhone X is positioned as a high-end, model intended to showcase advanced technologies such as wireless charging, OLED display, dual cameras and a face recognition unlock system. (Photo by Carl Court/Getty Images)

NEW YORK (AP) — Apple is having its worst day of the year on growing fears that the iPhone X has not been a hit with customers.

Shares began to decline several days ago, and billions of the company’s market capitalization has been erased.

J.P. Morgan analyst Narci Chang said last week that manufacturing of Apple’s flagship phone, which go for at least $1,000 a pop, could be down 50 percent between the December and March quarters.

Shares of Apple Inc. fell 2.5 percent Monday, the worst trading day so far in 2018. Shares did hit an all-time high earlier this month.

Apple did not immediately respond to a request for comment. The company is scheduled to report first-quarter earnings Thursday.

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