With Apple deriving the vast majority of its revenue from the iPhone, it’s no surprise that the company’s share price tends to dramatically rise or fall based on speculative iPhone sales data. That said, Apple shares have dropped dramatically over the past few days, falling from $177 last week to about $162 at the close of trading today. And the reason, as you might have guessed, can be traced back to lower than anticipated revenue forecasts from some of Apple’s key iPhone suppliers

Most recently, Apple partner TSMC revealed that its revenue for the current June quarter may be a full $1 billion below initial Wall St. expectations. As to the discrepancy, TSMC noted that “weak demand” in the mobile market had a huge impact on its expected revenue for the quarter.

In a comment on Apple’s floundering share price, analyst Daniel Ives of GBH Insights writes that some investors are in “full panic mode” ahead of Apple’s earnings report next week.

“Heading into Apple’s much anticipated March quarter next week,” Ives writes, “the Street has gone into ‘full panic mode’ as supply chain checks out of Asia indicate that June iPhone shipments are trending well below expectations, neutralizing any positive data points (higher ASP front and center) expected from a generally in line March quarter when the company reports after the bell on May 1.

“While the Street has been anticipating a ‘trough June quarter’,” Ives adds, “the bad news continues to pour in from Asian suppliers and checks with softer demand and $1,000 sticker shock price points on iPhone X translating into another guidance cut expected next week on the horizon.”

Hardly a surprise, with carriers not offering up heavy subsidies as in years past, and with current iPhone models having longer lifespans than in years past, the drive for users to upgrade their device every one or two years is a lot weaker than perhaps Apple is accustomed to.

Beyond the June quarter, though, rumor has it that Apple will try and boost iPhone sales by offering a range of three new devices later this year. Aside from a revamped iPhone X and a 6.5-inch iPhone X Plus, Apple will reportedly offer a 6.1-inch iPhone with an edgeless LCD display that may be priced as low as $550, though a price point closer to $700 is far more likely.

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