apple plunges as supplier slashes profit forecast
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Apple plunges as supplier slashes profit forecast

Arab Today, arab today

Arab Today, arab today Apple plunges as supplier slashes profit forecast

Washington - Arabstoday

Apple shares plummeted more than five percent after Cirrus Logic, a supplier of Apple components, slashed its own profit guidance, suggesting its Apple business had weakened. Apple shares closed at $ 402.80, down $ 23.44 or 5.5 percent, after briefly dipping below $400 earlier in the session. The decline robbed Apple of its crown as biggest US company by market capitalization. Apple is now worth $ 378.25 billion, compared with oil giant ExxonMobil’s $ 385.68 billion. Shares in Apple are well below their 52-week peak above $700 in September as the California tech giant faces tougher competition from South Korea’s Samsung and others in the busy smartphone and tablet technology space. The sell-off came after Cirrus, which relies on Apple for a majority of its sales, warned that profits for its fiscal fourth-quarter, through March 30, would be lower. Cirrus reduced its revenue forecast and trimmed its gross margin forecast after disclosing that it expects a $23.3 million inventory reserve, of which $ 20.7 billion is “due to a decreased forecast for a high-volume product as the customer migrates to one of Cirrus Logic’s newer components.” Analysts at investment bank Jefferies said they believe Cirrus is the main provider of audio IC chips for Apple’s iPhones and iPads. The Jefferies note also cited a trade publication article that suggested Apple’s new iPad mini launch would not take place until the third quarter. The Cirrus profit warning “seems to be related to weaker shipments to Apple for iPhone 5,” said Barclays in a research note. The announcement “suggests that iPhone 5 production has been cut sharply.” Bernstein Research lowered its quarterly earnings forecast for Apple, trimming revenues by $ 1.3 billion to $ 41.1 billion and reducing profit estimates by 50 cents to $10.02 per share. Bernstein cited lower expected sales of iPhones and iPads in its report. Apple is due to report fiscal second-quarter earnings on April 23. Source: ArabNews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

apple plunges as supplier slashes profit forecast apple plunges as supplier slashes profit forecast

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

apple plunges as supplier slashes profit forecast apple plunges as supplier slashes profit forecast

 



GMT 13:38 2018 Thursday ,13 December

Maduro says meeting with Putin most useful in his career

GMT 02:04 2017 Sunday ,22 October

June22nd-July23rd

GMT 17:35 2017 Tuesday ,18 April

Saudi air force helicopter crashes, killing 12

GMT 22:10 2017 Monday ,07 August

26 killed in Punjab rainstorm

GMT 07:45 2017 Saturday ,19 August

Sudanese and Ethiopian Ministers discuss cooperation

GMT 20:11 2017 Friday ,20 January

Russia, Syria ink agreement to expand Tartus port

GMT 10:04 2017 Friday ,06 October

Rowida Atteiya bets on success of her new song

GMT 08:42 2017 Thursday ,27 April

HM King hails Spanish ties

GMT 09:05 2018 Sunday ,21 January

'Outskirts' Dawn' outstanding achievement

GMT 21:53 2015 Thursday ,03 September

Israel recovers ancient sarcophagus hidden by contractors

GMT 11:18 2018 Monday ,01 January

Maiduguri suicide attacks condemned

GMT 02:29 2016 Wednesday ,16 November

Iraqi Forces advance in Mosul offensive against Daesh
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday