Apple suppliers Cirrus Logic Inc and Qorvo Inc estimated third-quarter revenue below analysts' expectations, exacerbating fears about softening iPhone demand.…
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.)
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