The report, from Japanese financial news service Nikkei, that Apple was cutting orders from the companies that manufacture iPhone 5 screens, sent Apple shares down below $500.
Apple has been under increasing pressure from rival Samsung, which announced earlier this week that it had sold 40 million of its flagship Galaxy S III smartphone in the seven months since it launched.
It's possible, however, that Apple will announce next week that the iPhone 5 has outsold the Galaxy S III in just three months. The company is due to report its earnings for the final three months of 2012 (which the company calls Q1) on January 23.
It is expected to announce sales of between 43 and 63 million iPhones for the quarter, according to analysts.
Recent rumours have suggested that Apple is planning to release an additional iPhone model this year, which would help the company compete with cheaper smartphones powered by Google's Android operating system.
Speculation has suggested that the phone would be similar to the current model but would have a cheaper polycarbonate plastic case, rather than the glass or aluminium bodies of the iPhone 4S and iPhone 5.
Phil Schiller, Apple's marketing chief, told a Chinese newspaper that "despite the popularity of cheap smartphones, this will never be the future of Apple's products."
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