The Wall Street Journal  is reporting that Apple (NASDAQ:AAPL) is cutting component orders for the iPhone 5 due to "weaker-than-expected demand," citing unnamed people who are "familiar with the situation." The orders relate to iPhone 5 displays for the current quarter -- spanning from January to March -- and were supposedly reduced by roughly half.

The sources indicate that Apple also reduced orders for other components in addition to the screens, letting suppliers know of the changes last month. That syncs with prior reports from December when Jefferies analyst Peter Misek noticed Apple suppliers getting order reductions, so the report today could be reiterating a development that was previously circulated.

Competition in the smartphone market has intensified lately, particularly with Samsung, which currently holds the title of the largest smartphone vendor by volume.