Despite all the hype for Apple Inc.’s 10th-anniversary iPhone, it seems consumers don’t love it as much as the company had hoped.

A report emerged last week from renowned KGI Securities analyst Ming-Chi Kuo claiming the tech giant was planning to cease production of its flagship iPhone X model. Today, a new report from Nikkei, which didn’t cite its sources, said Apple has notified its suppliers and will halve its production target of the iPhone X to 20 million for the three-month period starting this month.

The reason for the cut in production target to 20 million is lackluster sales over the year-end holiday shopping season, especially in key markets such as the U.S., China and Europe.

The first iPhone with an organic light-emitting diode or OLED display, the iPhone X was set to make a splash, but in a shock to iPhone watchers, it has failed to impress the global market. Many blame its lackluster performance on the hefty price tag, starting at $999 in the U.S. That makes it the most expensive smartphone from a major company. Samsung Electronics Co. Ltd’s Galaxy S8 and S8+ start from $750 and $850, respectively, while the larger Galaxy Note 8 retails for $949.

What impact the disappointing iPhone X sales will have on the company’s planned 2018 models is unknown at this stage. In another report from Kuo last year, he said Apple will launch not just two but three new iPhone models this year. They’re reported to include two OLED models and one more budget-friendly liquid-crystal display. It was anticipated that the upcoming OLED models would be very similar to the existing iPhone X, but with the latest reports from Nikkei regarding a cut in production, that could change.

Apple is set to announce quarterly results Thursday for October, November and December. But the apparent unpopularity of the X has already hit Apple’s shares. After closing down 2 percent today, they’ve fallen more than 5 percent since Jan. 22 before the first reports, vaporizing more than $46 billion in market value.

In addition to the three new iPhone models this year, a report late last year suggested Apple also planned to unveil an updated iPhone SE. Resembling the iPhone 5s, the iPhone SE received a boost in storage capacity in March and a price cut in September, but hasn’t received a full refresh since it was launched in March 2016.

However, another report from Kuo today cast doubt on a revamped iPhone SE. With three new iPhones in the pipeline for 2018, Kuo’s research note said, the company won’t have enough spare development resources to focus on launching an upgraded iPhone SE. Apple will also want to avoid the shipment delays it experienced with the iPhone X and start shipping the new models soon after launch.

Kuo said that if Apple does end up releasing a “new” iPhone SE, it will look very similar to the existing model with no outward-facing updates. Instead, it may contain a faster processor and enjoy another price cut.

This year is set to be busy for Apple, if all the reports are to be believed. One from Bloomberg today said the company will also unveil three new Macs, two laptops and a desktop.

Image: Apple