Apple shares have hit their lowest levels in a year and half, after a supplier hinted at a slowdown in iPhone and iPad production.
The shares closed down $23.44, or 5.5%, at $402.80, the lowest level since December 2011, the Telegraph reports.
The decline means Apple has lost its position as the world's most valuable publicly traded company to Exxon Mobil. Apple has a market capitalisation of $378bn compared with Exxon's $385bn.
Late on Tuesday, Cirrus Logic, which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component.
Analyst Peter Misek at Jefferies & Co. said Cirrus' news suggests a big decline in Apple sales in the April to June period.
That supports his view that Apple is unlikely to launch a new iPad Mini in the quarter, and that the next version of the full-size iPad may launch late in the quarter rather than early.
In the last three years, Apple has launched a new iPad in March or April.
Apple does not comment on its suppliers' announcements or its product plans. It is set to report results for the January to March quarter on Tuesday.
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