Apple is expected to cut the production of its iPhone series by as much as 10 percent during Q1 2017. This decision is a result of the reported accumulated inventory of the iPhone 6S in late 2015.

After slashing the smartphone line's output in January to March of 2016, the Cupertino-based tech company was compelled to curb the production of its latest flagship, the iPhone 7 series, by approximately 20 percent. However, despite this preemptive move, Nikkei Asian Review - a Japanese news agency, has reported that the iPhone 7 line still "sold more sluggishly than expected."

Shortly before Apple officially released the the series to the market, it relayed its confidence to CNBC - which the publication posted on its Twitter account. "We expect the iPhone 7 and iPhone 7 Plus will be incredibly popular with customers," read the statement. "We are now at a point where we know, before taking the first customer pre-order, that we will sell out of the iPhone 7."

Upon release, the larger iPhone 7 Plus became a better seller than its smaller counterpart - especially with the two cameras on its back face. However, a shortage of camera sensors reined in the company's ability to meet the public demand.

Despite its popularity, known hardware analyst Stephen Baker stated to The Wall Street Journal that it did not turn out to be as amazing as it was marketed. Even Galaxy Note 7 users who were recently burdened due to the global recall opted to get other high-end Galaxy units than jump ship to the iPhone 7.

"Samsung was able to fend off other Android competition," Baker said. "And Apple, too - thanks to Apple's own lack of wowing product this year."

The demand for the iPhone 7 series might be strong in Japan, primarily because of its compatibility with contactless IC chip readers, but the country only makes up 10 percent of the market.