The iconic handset remains a favorite among consumers, let alone Apple fans, but according to a report from the Wall Street Journal, Apple may have overestimated demand for the device and is currently reducing orders of iPhone parts. WSJ cites unnamed sources saying that some component orders are being cut as much as half for the January to March quarter.

Apple is set to announce quarterly results in a couple of weeks, which means soon we'll learn whether this report is accurate. Ironically, however, forecasts from financial analysts put the iPhone demand well on the rise with a median of 49.5 million units sold -- a healthy 34% year over year increase.

The iPhone 5 was released last September to overall positive reviews, bringing palpable improvements to Apple's flagship handset.

Before the iPhone 5, Apple offered the iPhone 4S which sold very well, even when it carried over the aesthetics of its predecessor for another year. This could have given many Apple loyal consumers the perfect excuse to upgrade their previous-gen iPhones to the iPhone 5. On that same note, Apple may be considering to speed up its yearly release cycle to better compete with the likes of Samsung.

But this is just one of multiple iPhone rumors floating around. Last week we were hearing that a cheaper iPhone was in the works, too, so Apple could target multiple Android and Windows Phone devices currently being sold for less than $100.