Apple has received a less-than-desirable sales prediction for the first quarter of 2018. A drop in demand for the iPhone X has sent Apple's stock down almost three percent and has also affected many of Cupertino's suppliers.

New estimates for iPhone X sales are showing at least 16 percent fewer units being sold with more drastic cases forecasting nearly 30 percent decreases in sales.

Apple was originally expecting to sell as many as 50 million iPhone Xs but has since cut its own forecasts to just 30 million pieces. Apple is still looking to reach its goal of a $1 trillion valuation but may face tougher competition from Chinese competitors looking to break into US markets.

Even though Apple has hit a small bump in the road with news of declining sales figures, the company is still doing extremely well for the year. During the 2017 calendar year, Apple has grown almost 50 percent and is still one of the most valuable brands.

Investment banking firm Cowen and Company believes Apple did not add enough new technology to the iPhone X to justify its $1,000 price point. More consumers are opting to buy the less expensive iPhone 8 and older models at reduced pricing instead of the flagship iPhone X.

In the upcoming year, Apple may be launching new iPhone models with edge-to-edge displays at lower price points that could attract customers put off by the more expensive iPhone X.

Image courtesy CNET