Apple Demands Dive
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SAN FRANCISCO (Reuters) - Apple Inc's shares fell below $400 on Wednesday for the first time since December 2011 after a U.S. chip supplier's disappointing revenue forecast fanned fears about weakening demand for the iPhone and iPad as competition intensifies.
The surprise warning by Cirrus Logic Inc knocked down shares of key component suppliers like South Korea's LG Display Co Ltd and Japan's Toshiba Corp on Thursday in Asia, a region that supplies the lion's share of chips, cases and displays for the Cupertino, California-based company.
The Cirrus Logic revenue forecast fueled fears that demand for the iPhone - which makes up more than half of Apple's revenue - is slowing more quickly than expected as Samsung Electronics Co Ltdand other rivals that use Google Inc's Android software flood the market with cheaper phones. It has also thrown the spotlight on Apple's quarterly earnings announcement due out next week, with some analysts saying the results could miss already reduced estimates.
In Asia, shares of flat-screen supplier LG Display shed 4 percent and mobile chip maker SK Hynix slipped 3 percent. NAND flash maker Toshiba and component maker Murata Manufacturing Co Ltdboth fell 2 percent.
This post was written by: Leif Branzuela
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