Screen maker Japan Display Inc (6740.T) cited lower smartphone demand in cutting its own outlook, while British chipmaker IQE Plc (IQE.L) said lower orders from a major customer would reduce its results for this year.
Shares in Lumentum fell almost 30 percent, dragging down shares of other suppliers and chipmakers. One analyst, Longbow Research, conducted spot checks with Taiwanese suppliers late last week and noted a 20-30% drop in orders related to the Cupertino tech giant's newly introduced smartphones, the iPhone XR and XS MAX, and increases in orders for older models.
"Apple could have accumulated too much Lumentum inventory, and needs to work it off, in which case the unit shortfall is less, although it is still indicative of weak iPhone sales".
However, it's important to note that Kuo is not saying Apple will sell 30 million fewer iPhones during the holiday quarter.
Smartphone assemblers Foxconn and Pegatron were told to halt plans for additional production lines dedicated to the iPhone XR, according to Japan's Nikkei.
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The share price of Apple has plunged by 5% today as investors worry that the iPhone is not as popular as it used to be. Not necessarily. To this point, Kuo articulates that lower demand for the iPhone XR may be offset - in a financial sense - by sales of Apple's pricier iPhone XS models.
Apple tried to talk up the amount of cash it was making from services although bankers are not that happy with what Jobs' Mob has done about Apple Pay and are making their displeasure known.
In India, the price starts at Rs 76,000, which still makes it much more expensive that most other Android phones in the market.
Apple didn't immediately respond to a request for comment on the reports. Apple's shares are down more than $9 this morning, crossing under the $200 mark for the first time in months. "Also, the chances of further tax reform are close to zero, so I don't expect any more material reductions in Apple's reported tax rate", said Forbes' Jim Collins.
The move led analysts to question the company's business and its share price has since dropped 12.6%.
Apple stock is down over 10% since it said it would no longer disclose hardware unit sales on November 1 - and these reports suggest that it may be a while before the company has another unit growth spurt.