Demand for the latest iPhone range may be faltering as three major suppliers today issued warnings of weakening demand.

As a result, shares of Apple and iPhone component makers all dropped today, triggering a bloodbath on Wall Street. The Dow Jone Industrial Average plunged 602 points, or 2.3 percent, while the tech-heavy Nasdaq fell 206 points, or 2.8 percent.

Lumentum Holdings Inc., the manufacturer of the Face ID technology used in iPhones, cut $70 million off its forecasts for revenue on Monday, citing a 30 percent reduction in manufacturing and blaming what the company said was decreased demand from one of its largest clients.

Although it didn’t name Apple directly, analysts believe that it could only be the iPhone maker, since it’s Lumentum’s largest customer. “Investors should consider Lumentum’s updated guide as reflecting as much as a 30 percent cut in Apple orders,” Wells Fargo analyst Aaron Rakers is quoted by Bloomberg.

Reuters reported that other iPhone component makers — screen maker Japan Display Inc. and chipmaker IQE Plc — have also revised down forecasts due to lower demand.

Coupled to the reports, famed Apple analyst Ming-Chi Kuo has said that the iPhone XR line may be in particular trouble and could be supplanted by the older, cheaper iPhone 8 and iPhone 7 along with the top-of-the-line iPhone XS models. Kuo attributes the lower sales to increased competition, the trade war between China and the U.S. and customers preferring dual-camera phones.

Looking forward, Kuo believes that Apple will see a year-over-year decline in iPhone shipments for the first quarter with shipments in the 47 million to 52 million range, compared with 52 million sold in the first quarter of 2018.

Whether those numbers are accurate may never be known, since Apple announced Nov. 1 that it would stop providing unit numbers from iPhone sales and other devices.

None of the component makers named Apple as the cause of their revised forecasts, but the market believed it was.

Apple shares dropped 5 percent to close the day at $194.17, while shares in Lumentum fell 31 percent, Japan Display was down 8.6 percent and IQE dropped 27 percent.

The contagion spread to other Apple component makers. Cirrus Logic Inc. fell 14 percent, Qorvo Inc. and Broadcom Inc. were down 6.4 percent, ON Semiconductor Corp. 5.9 percent, Skyworks Solutions Inc. 5 percent and Finisar Corp. 4 percent.

Photo: Apple