Apple‘s less-than Merry Christmas did not get any better on Boxing Day.
The company’s shares dropped over 2.5% after the market opened Tuesday morning, following a report in Taiwan’s Economic Daily that Apple (AAPL) expects to sell a disappointing number of iPhone X smartphones in the first quarter next year.
Shares in Apple’s Asian suppliers also dropped for the second straight day, given the report’s claim that Apple only projects to sell 30 million iPhone X units, down from an earlier projection of 50 million, according to a Reuters report. Other analysts had also cut their iPhone X shipment expectations.
Investors appear to be skittish about the iPhone X’s long-term potential, despite initially high demand for Apple’s flagship device. While Apple CEO Tim Cook has stated the phone has a “value price” given all of its advanced features, critics say the $999 cost is too high. Consumer Reports also criticized the phone’s fragility in durability tests, and the expense required to fix it.
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Given the uncertainty surrounding the phone’s future, parts suppliers such as Genius Electronic Optical Co Ltd, Pegatron, and Foxconn (FXCNY) all dropped to varying degrees over the Christmas holiday.