It looks like the Verizon iPhone isn’t holding up to Apple’s expectations. According to a report from DigiTimes, Apple has significantly reduced the production of CDMA/Verizon iPhone 4s in 2011.

DigiTimes reports that Apple has cut down production of the CDMA iPhone 4 from the originally expected 10 million units, down to only 5 million units

“Meanwhile, Pegatron originally expected to ship 10 million CDMA iPhone 4s in 2011, but sources from upstream component makers pointed out that Apple’s orders already saw a significant reduction and the volume is estimated to drop to only five million units.”

Verizon officially announced the CDMA iPhone 4 for its network in Febraury and recently reported that it had activated 2.2 million iPhones in only two months.

According to Verizon’s CFO, Fran Shammo, Apple’s next iPhone will be a “global device” compatible with all carriers. He revealed this information during the company’s last quarterly earnings call. The question still stands as to whether Apple’s next-generation iPhone will be manufactured by long time iPhone assembler Foxconn, or by Pegatron.

What do you think? Have you bought a Verizon iPhone yet?