Reuters: Technology News: Apple shares slide after supplier Cirrus Logic's weak outlook

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Apple shares slide after supplier Cirrus Logic's weak outlook Apr 17th 2013, 16:18 Tweet Share this Email Print Related News Sorry Apple gets respect in China after tabloid trial Tue, Apr 2 2013 Apple apologizes to Chinese consumers, revamps service Mon, Apr 1 2013 EU regulator monitors Apple iPad and iPhone distribution Fri, Mar 22 2013 Analysis & Opinion Apple's Chinese apology worth the loss of face Related Topics Tech » Hot Stocks » Asian Markets » Customers visit the Apple store on 5th Avenue in New York, September 19, 2012. Credit: Reuters/Eduardo Munoz SAN FRANCISCO | Wed Apr 17, 2013 11:55am EDT SAN FRANCISCO (Reuters) - Apple Inc's shares fell more than 4 percent to a 16-month low on Wednesday, after chipmaker and key supplier Cirrus Logic's disappointing revenue forecast for this quarter revived concerns about weakening demand for iPhones and iPads. Apple stock fell as much as 5.3 percent and was down 4.4 percent at $407.62 at midday. The company has lost more than 40 percent of its market value since a September 2012 peak, battered by worries about intensifying competition and its effect on the company's margins. Cirrus Logic, which makes analog and audio chips for the iPhone and iPad, late on Tuesday forecast revenue of $150 million to $170 million, well below Wall Street's average forecast for above $190 million. Apple reports quarterly results next Tuesday. Analysts say Cirrus Logic's dimming outlook lends weight to arguments that consumers' love affair with the iPhone is waning as challengers such as Samsung Electronics vie for their attention. "It's a reminder of weakening demand, and the challenges around product transitions" for Apple, Cross Research's Shannon Cross said. "There's not a lot of conviction about what the second half is going to look like." (Reporting By Edwin Chan; Editing by Maureen Bavdek) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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