Apple’s shares have been hit following speculation that sales of the iPad and iPhone are weakening after a reduction in supplier orders from Apple, reports Bloomberg.

Apple shares fell 2.6 percent to US$385.22 in US trading as Cleveland Research reduced its forecast for Q4 2011 iPad shipments from 14 million to 12 million after obtaining information from Apple’s suppliers suggesting fewer component orders had been made. The financial analyst group reduced its quarterly profit outlook for Apple to US$9.53 per share from US$9.89 following “surprise revisions to orders” from Apple’s suppliers.

However, reports from Piper Jaffrey, RBC Capital Markets and UBS yesterday said concerns about Apple should not be exaggerated. The iPhone 4S sold a record 4 million units during its first weekend of availability last month.

The iPhone 4S went on sale today in Hong Kong, New Zealand and South Korea where SK Telecom and KT both launched the device. Agence France-Presse reports that thousands of people queued outside Apple’s Hong Kong office. The iPhone 4S also goes on sale in 11 other countries today.

Apple has meanwhile released the update for the iOS5 operating system to improve the battery performance of the iPhone 4S and other devices running the OS. Apple promised the update last week after admitting a glitch in the new iOS platform was leading to “lower than expected” battery life on iOS5 devices.