As the iPhone 7 is gearing up for its rumored release in September 2016, reports claimed that the device might face supply shortage just ahead of its launch.

Nikkei Asian Review stated that the supply-demand issues for the upcoming Apple smartphone surfaced as the company's suppliers have purportedly delivered faulty components. Reports claimed that as the manufacturers might not be able to produce enough working components on time, Apple will fail to comply with the demand and deliver fully functional iPhones after the launch.

Furthermore, there are reports that the Cupertino-based company might witness a decline in the sales due to the shortage issues. Telegraph reported that according to an analyst at Yuanta Investment Consulting Jeff Pu, Apple will make around $74 million profits by selling iPhone 7 as compared to the $84 million from the iPhone 6s sales.

Apart from the release date and sales rumors, reports stated that the iPhone 7 will sport a curve-edged OLED display panel with an all-glass chassis and revamped antenna lines. It is also rumored to consist of a Touch ID trackpad instead of the physical home button. Also, the company is expected to remove the 3.5mm headphone jack from the device and will consist of Lightning Smart Connectors. Besides, the removal of headphone port is expected to make the device water-resistant.

Furthermore, rumors suggested that Apple is planning to ditch 16 GB storage option from the iPhone lineup. Thus the iPhone 7 will consist of the storage capacity of 32 GB in its base model, reported Forbes.

In terms of software specs, the upcoming iPhone 7 will consist of the latest iOS 10 software along with an upgraded A10 processor. The enhanced chipset is expected to offer the Apple phone users with more power and better efficiency.

Even though Apple has not provided any confirmation about the specs of the device, the company recently sent out media invitations for an event next week at the Bill Graham Civic Auditorium in San Francisco on September 7, 2016, which is touted to be iPhone 7's launch date.

Stay tuned in here for more updates about the iPhone 7.