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iPhone 5C sales estimates chopped by analyst

KGI Securities analyst Ming-Chi Kuo now predicts Apple shipped just 11.4 million 5C units last quarter, down 33 percent from his prior forecast, says Business Insider.

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Apple's iPhone 5C sales may be even lower than initially expected, at least according to one prominent analyst.

KGI Securities analyst Ming-Chi Kuo said in an investors note out Friday that he now expects 5C sales for the September quarter to ring in at 11.4 million, according to information received by Business Insider. That's a 33 percent freefall from his original estimate.

iPhone 5C sales for the current quarter are projected at 10.4 million, which would be a 10 percent drop from last quarter's figure.

Kuo, who's typically on the money with his forecasts, noted that Apple is quickly shipping the 5C to buyers. Apple's online store shows an estimated shipping time of just 24 hours. Such retailers as Target and Walmart have also discounted the phone to spark sales.