The iPhone 8 isn't looking so great

Apple took a big risk when it decided to release two new iPhones this year. Now, a few weeks after the first of those devices, the iPhone 8, hit the market, it looks like that gamble isn't paying off.

The company cut orders to its manufacturing partners for the iPhone 8 by more than 50 percent, according to a report from Tapei publication Economic Daily News that was picked up by Reuters. That could mean that shipment numbers could total just five to six million units per month in November and December, well below the estimated demand for 50 million units of the other new release, the iPhone X, when preorders begin on Oct. 27.

The Economic Daily News report didn't cite any specific sources for the information, but investors have taken notice. Apple shares fell 2.3 percent following the news at the market's open in response.

There are no concrete iPhone 8 sales numbers available — Apple didn't respond to our request for the data — but outside sources have provided anecdotal evidence that the device hasn't been well received by consumers. One wireless executive told Reuters that demand for the 8 has been "anemic."

Apple's iPhone 8-caused market drop also comes after reports surfaced that the brand new smartphone is being outsold by the year-old iPhone 7, since customers aren't ready to pony up an extra $150 for a device they deem to be an unimpressive upgrade. Again, these rumors weren't backed up by any hard statistical evidence from Apple — but they all serve as fuel to the fire for those who are damning the iPhone 8's release as a failure.

While the iPhone 8's struggles aren't great for Apple (or for its stockholders, at the moment), there's still a few reasons to hold off on calling for the device to go to an early grave.

The company still has the iPhone X waiting in the wings, arguably the most anticipated smartphone release in recent memory. Many analysts, including highly respected Apple supply chain source Ming-Chi Kuo, believe the X's release will kick off a "super cycle" of upgrades, which could encourage consumers who aren't ready to spend $999-plus to pick up an 8 instead.

Apple has released two tiers of iPhones at once before. The company unveiled both the 5S and 5C in 2013, which reportedly led to a similar October order to suppliers to throttle the production.

The circumstances of the launch four years ago were different — the 5C was more clearly marketed as being an inferior version of the 5S, rather than the 8 and X's confusing numerical relationship — but Apple was able to recover and hold onto its place as the most valuable company in the world.

The iPhone X is a more important update to the Apple line than the 5S, and its production issues might mean that it won't even be widely available well into next year. The most fervent Apple fans will wait — but in the meantime, the iPhone 8 could start looking better and better for everyone else who needs a new smartphone.