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Citi analysts issued a new research note claiming that Apple will miss its own revenue estimates of $41-43 billion for the second quarter by more than $500 million.

According to ^[2] CNET, the research note says that reduced demand for iPhone 5 related components in Apple supply chain indicates that there is a softer demand for iPhone 4S and iPhone 5.

Citi analysts also caution against expecting revenue from the cheaper iPhone in the near future.

 “Despite much speculation amongst investors and third-party research, we find limited evidence of a low-end iPhone at this stage … We continue to expect iPhone 5S to be launched (albeit in early C3Q13 vs. late C2Q13) and anticipate a large-screen iPhone in late 2013/early 2014. But clear indications of a low-end iPhone remain elusive”.