The iPhone 8 was released just a month ago and Apple has already asked suppliers to cut production of the device by almost half, according to a new report by the Economic Daily News [via Reuters]

The EDN report cited an anonymous supply chain source who said it’s the first time in the iPhone’s history that a new device faces a major drop in production just after mass production kicked off.

Apple shares dropped by 2.6 percent Thursday after signs of poor demand for the latest iPhone on the market. In the past month Apple's stock has dropped by nearly 3 percent.

Daniel Ives, chief strategy officer at GBH, predicts only 20 to 25 percent of iPhones sold over the next 12 to 18 months will be an iPhone 8 or iPhone 8 Plus, according to Reuters. Meanwhile, other Wall Street analysts downplayed Apple’s move to cut back on iPhone 8 production, saying the device’s production overall looks like what they had anticipated.

Apple hasn’t released any sale numbers on the iPhone 8, but there are signs of poor sales. Last week, AT&T’s third-quarter numbers said it saw 900,000 fewer smartphone upgrades this year, compared to Q3 2016. Meanwhile, the CEO of Canada’s Roger Communications, the biggest network in the country, told Reuters iPhone 8 sales had been “anemic.”

Waiting For iPhone X Release Date?

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. Meanwhile, an optimistic report this week from research firm Gartner said the iPhone X will help increase smartphone sales in 2018. Gartner and KGI Securities analyst Ming-Chi Kuo predict the November release date, and possible limited quantities at launch, will push stronger sales of the iPhone X into 2018.

iPhone 7 Vs. iPhone 8: Consumers Prefer 2016 Model

KeyBanc Capital Markets analyst John Vinh recently said a carrier store survey suggested the iPhone 7 was outselling the iPhone 8.

“Many respondents indicated that a meaningful portion of customers are buying iPhone 7 in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone,” Vinh wrote in a client note obtained by Reuters earlier this week.

However, Vinh also pointed out that consumers said they were waiting to buy the upcoming iPhone X or to compare the 10th anniversary device with other models before purchasing the iPhone 8.

iPhone X vs. iPhone 8

The iPhone X has more features than the iPhone 8, most importantly the Face ID. The device comes with Animoji and an edge-to-edge Super Retina display with OLED technology and without the Touch ID button. The camera on the iPhone X is also better than the iPhone 8, even though the iPhone 8 Plus received an outstanding DxOMark Mobile score of 94. However, the iPhone X and iPhone 8 and 8 Plus have similar features, like support for augmented reality, wireless charging technology, water resistance and Portrait Lighting.