Apple shares fell more than 9 percent in early trading after the iPhone maker blamed weak China demand for its revenue shortfall in the holiday…
Apple shares fell more than 9 percent in early trading after the iPhone maker blamed weak China demand for its revenue shortfall in the holiday quarter, a clear sign of the company’s struggles in the world’s largest smartphone market.
The rare revenue warning — the company’s first in nearly 12 years — sent shockwaves through global financial markets, with chipmakers that supply Apple being the hardest hit.
Shares of US-based suppliers and chipmakers including Cirrus Logic, Skyworks Solutions, Analog Devices, Broadcom, NXP Semiconductors and Micron Technology were all down in trading before the opening bell.
Wall Street analysts scrambled to cut their price targets on Apple’s stock, with at least 15 of them lowering their price estimates.
