A shopper walks past a giant advertisment for the Apple iPhone 5 near Oxford Street on December 17, 2012 in London, England. - 

Apple's stock is down sharply this morning after a report that demand for the iPhone 5 is waning. The Wall Street Journal reports Apple has cut orders for iPhone 5 components, like screens, because of the weak demand.

Some analysts have been expecting this for a few weeks, and now Reuters and the Wall Street Journal have what looks like hard evidence that while the iPhone is doing well, it now faces fierce competition from smartphones made by other manufacturers such as Samsung. 

If the weakening sales are a hint the iPhone is falling out of vogue, it would mean Apple might not be able to keep demanding high prices for its gear moving forward.

There have been rumors in recent days of a so-called iPhone mini -- a smaller iPhone or an iPhone stripped of some features that sells for less. Such a device could either expand Apple's market or cannibalize sales and hurt profits.

Follow David Brancaccio at @DavidBrancaccio