AppleFollowing a 3% drop in shares on Thursday, Bloomberg reportThe company also warned suppliers that demand for iPhones is less than anticipated this holiday season.

Apple shares resisted the omicron-fueled volatility in the marketInvestors were rattled Thursday morning by news of weak demand, despite the fact that supply chain problems are well-known. A spokesperson for Apple did not respond to Bloomberg’s reports.

Apple’s latest iPhone model, iPhone 13, is available for the current quarter. Apple introduced new products in advance of holiday shopping, such as a revised MacBook Pro and an updated version of AirPods. Apple’s iPhone is still the most lucrative product so signs of a decline in demand for the iPhone will likely send Apple shares down.

Analysts still expect Apple to report increasing revenues in the fourth quarter, even though it has booked more than $100 billion in revenueFor the first time, in the holiday 2020 quarter. CNBC’s CEO Tim Cook stated this fall that while he anticipates increased revenue for the quarter but warned of supply shortages which will result in revenue losses up to $6 billion.