FBR Capital Markets analyst Craig Berger said in a report Monday that Apple may cut iPhone production by more than 40 percent in the calendar fourth quarter, compared with the number Apple produced in the preceding quarter. According to Berger, Apple putting the iPhone on the production chopping block is a sign that demand for consumer electronics is weakening.

"We believe Apple is a good proxy for broader consumer demand given that it has the hottest, sleekest, most desirable products available today," Berger wrote in his report. "That the firm's iPhone production plans are being revised lower suggests that the global macroeconomic weakness is impacting even high-end consumers, those that are more likely to buy Apple's expensive gadgets, and that no market segment will be spared in this global downturn."

Berger's prediction expands his forecast from last month that Apple would slash iPhone production by 10 percent.

"Previous checks indicated that iPhone production would fall about 10 percent sequentially in calendar 4Q our new checks indicate that iPhone production could fall more than 40 percent sequentially in 4Q," wrote Berger.

And on Wednesday, a second industry analyst came forward and echoed the production cut alarm for the iPhone.

According to UBS analyst Maynard Um, supply chain checks indicate that Apple will ship between 4 million and 5 million iPhones in the fourth quarter, which is down roughly 2 million units from the preceding quarter.

"Our checks indicate various iPhone supply chain cuts by 1.7 million units to 2.3 million," Um wrote, adding that additional checks show that iPhone production could be around 4 million in the quarter, which is lower than UBS' current estimate of 5 million.