Apple shares fall below $400 on fears of slowing sales

Shares of Apple dipped below the $400 mark for the first time since December 2011 amid concerns over slowing sales.

Its shares fell as low as $398.11 in Wednesday trading, before ending the day down 5.5% at $402.80.

The concerns were triggered after one of its suppliers, Cirrus Logic, which makes sound components for the iPhone and iPad, reported a decline in sales.

With Apple due to release its latest quarterly results next week, some fear the numbers may be underwhelming.

According to various estimates, demand from Apple accounts for nearly 90% of Cirrus's revenue.

Michael Yoshikami, a portfolio manager at Destination Wealth Management, said that Cirrus's warning makes it more likely that "Apple's not going to surprise on upside".