The upcoming sales and revenue projections of Apple Inc's iPhone business would determine if the tech giant was trully successful with its strategy to cater to emerging markets. Analysts estimated that Apple sold around 33 million to 36 million iPhone units in its fourth quarter.

Earlier reports had pointed out, however, that Apple had yet to penetrate the price-conscious customer with its release of the iPhone 5C. Apple even offered a USD100 discount on all iPhone 5C units to entice more sales.

The market for cheaper phones had allowed competitor Samsung Electronics and other companies using Google Inc's Android software gain significant share percentages. Apple saw its stock underperforming on the S&P 500, dipping 1% this year. S&P 500 index itself gained 23% this year.

However, some analysts thought that speculation was unfounded as greater iPhone 5S shipments naturally translated into overall earnings for Apple. In a research note, Cowen & Co Timothy Arcuri said, "Media reports of 5C production cuts are misleading, in our view, given what we think has been strengthening overall 5S/5C production with 5S vectors continuing to strengthen even real time."