Apple suppliers Cirrus Logic Inc and Qorvo Inc estimated third-quarter revenue below analysts’ expectations, exacerbating fears about softening iPhone demand.
Cirrus shares slumped 9.5 percent to $24.25 in after-market trading on Thursday, while Qorvo’s fell 12.4 percent.
Cirrus said it expected third-quarter revenue of about $347 million, well below analysts’ average estimate of $385.9 million, according to Thomson Reuters I/B/E/S.
Chipmaker Qorvo said it expected third-quarter revenue of about $620 million, well below the average analyst estimate of $723.7 million.
Japanese daily Nikkei, citing parts suppliers, said output of the iPhone 6S and 6S Plus models would be cut by about 30 percent in the January-March time frame so dealers could offload stock.
(This story corrects the first paragraph to say Cirrus and Qorvo estimated third-quarter, not current-quarter, revenue below analysts’ expectations. It also corrects the headline to conform.)
A drifting barge was about an hour away from hitting BP's oil installations at the…
Investor enthusiasm for highly valued private tech companies waned substantially in the fourth quarter last…
The alliance between automakers Renault and Nissan will launch more than 10 cars with self-driving…
Yahoo is working on a plan to cut its workforce by at least 10 percent…
Rare disease drugmaker Shire Pharmaceuticals Plc (SHP.L) is preparing to announce its roughly $32.5 billion…
Naspers, the largest listed company in Africa, said it was not worried about Netflix's arrival…