It appears that Apple is grappling to sustain the record sales it posted following the iPhone 6S and 6S Plus releases in the last quarter of 2015 as reports emerged that the tech giant has significantly reduced production of the flagship phone. As a result, AAPL shares took a dive and could hit its lowest level since August last year. 

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Citing a story published by The Wall Street Journal, The Verge reported that Apple has downgraded its production in the first half of 2016 as indicated by the company's lower iPhone orders from its Chinese suppliers. It was reported too that downward order revision started taking effect in the last two months of 2015.

Foxconn, which is Apple's main iPhone supplier, "started sending workers home early for the Chinese New Year last month," The Verge said on its report. As early as November last year, "Chinese factories had some unexpected idle time," the report added, noting too that in the past years the November-December stretch had proved a busy period for iPhone manufacturers.

And in a number of markets, where the new iPhone model is normally in short supply during the holiday season, the same report indicated that the 6S and 6S Plus are moving out a bit slow, likely prompting Apple to review and adjust its production plan.

According to USA Today, production of the iPhone 6S and 6S Plus could be decreased by up to 30% in the first quarter of year as likely the company's way of keeping its profit numbers at a healthy level.

But as the iPhone is Apple's main revenue generator, the market drastically reacted to the tech giant's latest move, resulting to a steep dip on the value of Apple stock. The publication suggested that with the weakening sales of Apple's chief business, AAPL could hit below the $100 mark and likely match the lowest shares level recorded in 2015.

AAPL traded at $92 in the latter part of August 2015, USA Today reported.

Recovery seems bleak for now as the same report noted that Apple's new products and services - Apple Watch and Apple Music for instance - introduced last year performed below expectations. The light, however, glimmers for the iPhone 6S sequel that should be unveiled in the second half of the year.

The iPhone 7 and 7 Plus release date later this 2016 is seen to unpack an entirely revamped iOS flagship phone in terms of look and design, which could see Apple incessantly ringing the cash register anew at the close of the year.