Apple is down today because one of their suppliers, Lumentum (LITE), just cut guidance for next quarter raising concerns that iPhone sales next quarter will disappoint. Lumentum reported earnings results a couple weeks ago, but put out a press release today saying “we recently received a request from one of our largest Industrial and Consumer customers for laser diodes for 3D sensing to materially reduce shipments to them during our fiscal second quarter for previously placed orders that were originally scheduled for delivery during the quarter." Apple, which is 30% of their revenue, buys components related to face ID from them. LITE cut their revenue outlook by 17%.
Sarah Kanwal
Equity Analyst, Director
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