Apple suppliers Cirrus Logic, Qorvo forecast revenue below Street

Reuters News
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Posted: Jan 07, 2016 4:44 PM

(Reuters) - Apple Inc <AAPL.O> suppliers Cirrus Logic Inc <CRUS.O> and Qorvo Inc <QRVO.O> forecast current-quarter revenue below analysts' estimates, 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.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)