Another Apple supplier just cut its outlook

  • Qorvo, one of Apple's suppliers, slashed its third-quarter guidance, citing "recent demand changes for flagship smartphones."
  • 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."
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Qorvo, which provides Radio Frequency (RF) solutions for Apple, on Tuesday slashed its third-quarter guidance, citing a drop in demand for flagship smartphones. 

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.

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CUPERTINO, CALIFORNIA - SEPTEMBER 11: Jeff Williams, chief operating officer of Apple Inc., speaks during an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Tim Cook, chief executive officer of Apple, speaks during an event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Jeff Williams, chief operating officer of Apple Inc., speaks during an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
Jeff Williams, chief operating officer of Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
Jeff Williams, chief operating officer of Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
Jeff Williams, chief operating officer of Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
CUPERTINO, CALIFORNIA - SEPTEMBER 11: Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on September 12, 2018 in Cupertino, California. Apple is expected to announce new iPhones with larger screens as well as other product upgrades. (Photo by Justin Sullivan/Getty Images)
Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
Phil Schiller, Apple senior vice president introduces the iPhone X Max during an event on September 12, 2018, in Cupertino, California. - New iPhones set to be unveiled Wednesday offer Apple a chance for fresh momentum in a sputtering smartphone market as the California tech giant moves into new products and services to diversify.Apple was expected to introduce three new iPhone models at its media event at its Cupertino campus, notably seeking to strengthen its position in the premium smartphone market a year after launching its $1,000 iPhone X. (Photo by NOAH BERGER / AFP) / The erroneous mention[s] appearing in the metadata of this photo by NOAH BERGER has been modified in AFP systems in the following manner: [Phil Schiller, Apple senior vice president] instead of [Apple COO Jeff Williams]. Please immediately remove the erroneous mention[s] from all your online services and delete it (them) from your servers. If you have been authorized by AFP to distribute it (them) to third parties, please ensure that the same actions are carried out by them. Failure to promptly comply with these instructions will entail liability on your part for any continued or post notification usage. Therefore we thank you very much for all your attention and prompt action. We are sorry for the inconvenience this notification may cause and remain at your disposal for any further information you may require. (Photo credit should read NOAH BERGER/AFP/Getty Images)
Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018. Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong holiday quarter. Photographer: David Paul Morris/Bloomberg via Getty Images
Philip W. Schiller, Senior Vice President, Worldwide Marketing of Apple, speaks about the the new Apple iPhone XS and XS Max at an Apple Inc product launch event at the Steve Jobs Theater in Cupertino, California, U.S., September 12, 2018. REUTERS/Stephen Lam
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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. 
 

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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.

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