Still wondering why Apple (AAPL) is reportedly developing a cheaper iPhone? A number of industry analysts have theorized for months that the high-end smartphone market will face a difficult year in 2013, and new reports from both The Wall Street Journal and Nikkei on Monday morning suggest Apple is already feeling the crunch. Nikkei first reported the rumor, claiming that Apple cut iPhone 5 display orders in half last month in anticipation of a much slower March quarter than it had previously expected. The Journal then followed with a similar claim, citing multiple unnamed sources of its own. Both reports state that Apple has also trimmed component orders beyond just display panels. Apple shares are down more than 3.75% in pre-market trading on the reports.

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.