(Bloomberg) -- Apple Inc. slipped 2% on Tuesday after the influential technology analyst Ming-Chi Kuo warned that the company is expecting lower demand for iPhones in 2024. 

The tech giant lowered its 2024 iPhone shipments of key semiconductor components to about 200 million units, the analyst wrote in a report, citing his latest supply chain survey. That suggests shipments of the iPhone 15 and upcoming iPhone 16 will decline by 10% to 15%, he said.

China is a particular area of concern. Apple’s weekly shipments in the country have declined by 30% to 40% in recent weeks compared with the year-earlier period, and Kuo expects this trend to continue. Apple declined to comment.

Apple shares fell as low as $187.87 in New York, marking the biggest intraday drop in two weeks. The stock was little changed in 2024 heading into Tuesday.

The company reports results for its holiday quarter on Thursday, and investors are looking for signs that demand is holding up — especially for the iPhone, Apple’s biggest moneymaker. Though the iPhone faces headwinds in China, where the government has imposed some bans of foreign technology in the workplace, the device has still been gaining market share. 

The iPhone was the top-selling smartphone in the country for the first time last year, according to market tracker IDC. Apple’s overall revenue is expected to up just 1% in the fiscal first quarter, which ran through December.

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