The latest warning sign was Lumentum Holdings Inc. cutting its second-quarter outlook after one of its largest customers asked to "meaningfully reduce shipments" for previously placed orders.
"IPhone XR parts suppliers such as Career and Nissha printing would be "the major losers resulting from the XR cut because these two firms can not benefit from the increased shipment estimations of legacy models", added the report.
Analyst Ming-Chi Kuo has been keeping his finger on the pulse of Apple component suppliers and that pulse is slowing the total expected shipments of the iPhone XR have been revised down by as much as 30%.
Apple shares are sliding on Monday after a series of bad data points for iPhone demand.
Apple's stock has slid over 10% since November 1, which is when the company said it would stop disclosing iPhone unit sales.
Apple's stock dropped yesterday when news broke that one of its main suppliers reduced its outlook for the rest of the year, citing reduced orders from one of its biggest customers.
The analysts said they are anxious that "end demand for new iPhone models is deteriorating". Apple also provided lukewarm guidance for the all-important holiday quarter. "But [these results are] about to be more than offset by a big jump in ASPs (+17%Y/Y in FY18), which ultimately drove Apple's best iPhone revenue growth in 3 years, we rather now find that setup flipped with "growth via ASPs" widely known but just as those ASPs start to anniversary". The iPhone XR, which starts at $749, was released October 26 - a month later than the pricier versions - as an alternative for the wallet-conscious masses. Apple said it preferred to focus on its transition to a services company, with regular recurring revenue.
"A year ago AAPL looked like a table-pounder when iPhone units were weak", Guggenheim wrote in its note on Wednesday.
"Longer-lasting products could lead to higher customer satisfaction, potentially enable Apple to charge higher prices for its devices, and would help fulfill the company's environmental objectives", Toni Sacconaghi, an analyst at Sanford C. Bernstein & Co., wrote Monday in a note to investors.
Specifically, iPhone sales last quarter remained stagnant while revenue from iPhone sales jumped by a whopping 29%.