Lumentum, another Apple supplier, cut its outlook on Monday, citing a reduced shipment request from one of its biggest customers.
Goldman Sachs on Tuesday said they are worried that "end demand for new iPhone models is deteriorating."
The company cut its revenue guidance to a range between $800 million and $840 million, down from $880 million to $900 million. Meanwhile, adjusted earnings per share were guided lower, from $1.95 to $1.70.
RELATED: Take a look at the latest Apple products released:
The decision comes due to "recent demand changes for flagship smartphones," Qorvo said, adding that its forecast of demand from China-based handset manufacturers remains largely unchanged.
In an annual filing, Qorvo listed Apple as its largest customer, contributing 36% of its revenue in the fiscal year of 2018. Chinese smartphone giant Huawei is also one of its main customers, accounting for 8% of its revenue.
Qorvo is not the only Apple supplier to recently trim its quarterly guidance. Lumentum, one of Apple's facial-recognition suppliers, on Monday slashed its outlook, citing a reduced shipment request from one of its biggest customers. Although Lumentum did not name the firm, investors jumped to the conclusion that Apple was behind the request, speculating that iPhone sales are about to experience a declining trend.
STOCK PRICE FOR AAPL
And on Tuesday, Goldman Sachs became the latest bank to publish a more bearish view on Apple.
"We are concerned that end demand for new iPhone models is deteriorating," Goldman analysts wrote. "We are reducing our iPhone XR/XS Max/XS units estimate, while increasing estimates of lower priced iPhone units."
They trimmed their iPhone unit sales estimate by 6% and dropped their price target from $222 to $209 — 8% above where shares were trading Tuesday.
Apple was up 12% this year.
More from Business Insider:
Amazon has announced its locations for HQ2, but a walk through Seattle made me think any city should be wary of hosting the tech giant
What the British royal family looked like the year you were born
GOLDMAN SACHS: Buy these 18 stocks to profit from economic growth — and receive regular cash payments in the process