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Apple is sharply down after a research firm says iPhone 7 sales are down 25%

Kif LeswingSep 23, 2016, 23:54 IST

Getty Images/Andrew Burton

Apple was down over 2% at one point during trading on Friday, although it has made a comeback and is currently down around 1.5% on the day.

The stock dropped sharply at about 1:30 PM ET. Apparently, a German research firm, GfK, issued a report based on "channel checks" suggesting that iPhone 7 sales would be down from last year based on data from Europe and Asia.

People who have seen a copy of the report are saying that it claims that iPhone 7 unit sales are down 25% on an annual basis against last year's iPhone 6S model, although it does not measure sales in the United States.

Here's the chart:

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