Apple is sharply down after a research firm says iPhone 7 sales are down 25%

Apple was down over 2% during trading on Friday, although it has made a comeback and is currently down only 1.65% on the day. 

The stock dropped sharply at about 1:30 PM ET. Apparently, a German research firm, GfK, issued a report based on “channel checks” suggesting that iPhone 7 exuberance was misplaced. 

People who have seen a copy of the report are saying that it claims that iPhone 7 unit sales are down 25% on an annual basis against last year’s iPhone 6S model. 

Here’s the chart: 

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