Apple fans finding iPhone X 'too expensive' for upgrade

Unlike what Apple had expected, the response to its super premium iPhone X has been lukewarm as many existing users believe that the device is too expensive, a top analyst with asset management firm Piper Jaffray has said.

"According to Apple news site PED3.0, Michael Olson, a senior researcher with Piper Jaffray found that 44 percent people who didn't upgrade said that they baulked at the idea because their current 'iPhone works fine'," Fortune reported.

More than a third of the respondents said that the iPhone X, which starts at $999, is too expensive. And eight percent said they would have upgraded if the new phone had a larger screen, the report added.

The survey was conducted on 1,500 iPhone owners on why they have not upgraded to iPhone X yet.

iPhone X did not manage to usher in the largest refresh cycle in iPhone history, as many analysts initially anticipated, according to BGR.

Even though the iPhone X remains the most popular model within the company's iPhone line-up, there have been reports that Apple in recent weeks has reduced iPhone X orders due to lower than anticipated demand.

Ming-Chi Kuo, an analyst with KGI Securities, said last month that the Cupertino-headquartered company would cease production of iPhone X mid-year.

The company is reportedly gearing up to introduce three new iPhones this year and one of them will be more popular than the others, according to Kuo.