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From: Sam12/4/2018 7:04:10 AM
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Another Apple Supplier Slashes Its Sales Guidance -- Barrons.com
DOW JONES & COMPANY, INC. 9:06 PM ET 12/3/2018

Symbol Last Price Change
CRUS 38.67 0 (0%)
AAPL 184.82 0 (0%)
QRVO 67.75 0 (0%)
LITE 47.77 0 (0%)
JNNDF 0.6022 0 (0%)
QUOTES AS OF 04:00:00 PM ET 12/03/2018


Cirrus Logic (CRUS) , a maker of audio chips, reduced its financial guidance for its third quarter after the close on Monday, citing "recent weaknesses in the smartphone market."

It is another sign that sales of the latest iPhones are lower than Apple(AAPL) had hoped.

The chip maker said it now expects revenue of $300 million to $340 million for its December quarter, down from its prior forecast of $360 million to $400 million, which it gave on Nov. 1.

In its most recent annual filing, Cirrus Logic(CRUS) said Apple(AAPL) accounted for 81% of its sales in its fiscal 2018.

Cirrus Logic (CRUS) stock is down 6% at $36.36 in Monday's after-hours session.

Apple (AAPL) stock declined 18% in November on worries about the latest iPhone product cycle.

Last month, The Wall Street Journal, citing people familiar with the matter, reported that Apple(AAPL) has cut orders for all three newly released iPhone models.

Earlier in November, wireless chip maker Qorvo(QRVO) reduced its financial guidance for its third quarter, citing weaker demand for high-end smartphones. And iPhone suppliers Lumentum Holdings(LITE) and Japan Display(JNNDF) lowered their financial forecasts on Nov. 12.

Write to Tae Kim at tae.kim@barrons.com
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