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While the iPhone 8 isn't doing as well as expected, it might be due to the release of the iPhone X. Apple will start taking iPhone X pre-orders next week and will release the smartphone next month starting at $999.

As a result, shares in the US Company dropped 2.4% overnight after it was revealed that the Company had cut 50% of their component requirements for the new iPhone 8 and 8 Plus. The Company's products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings. Despite all this, the relatively tame iPhone 8 and iPhone 8 Plus are still going to be very important to the iPhone business both this year as well as possibly next year.

A picture paints a thousand words, or so the maxim goes, but in the case of the iPhone X its paints an ugly picture of Apple's previous smartphones.

Shares of Apple are down 1.65% to $157.12 in early trading on Thursday on reports that the company has cut orders linked to its new iPhone 8. This aspect is further backed by the fact that the iPhone 7 is now $150 cheaper than the iPhone 8, which makes it a much more appealing purchase compared to the new model. They'd rather spend their money on Apple's brand new flagship than the iPhone 8.

Apple has never cut production of an iPhone so early in the cycle, according to Taiwan's Economic Daily News, which first reported on the cut back. The anticipation of the more advanced iPhone X would have caused the low iPhone 8 sales after the opening weekend.

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While the iPhone 8 is now being sold, the iPhone X will be released on the 3rd of November, but the units will still be sold sparingly until next year.

"For the first time, we're unlocking incredible new potential for industrial workers by giving them access to native apps that tap the functionality of iOS devices in exciting ways".

"Why are there two distinct models in Apple's iPhone portfolio?"

While that might be the biggest selling point for the Apple iPhone X, it looks like it might be the thing dragging it down as well.