“October sales for AAPL’s Taiwanese suppliers were better than seasonal given the delayed iPhone XR release. We expect a sharp reversal in this dynamic, with spot checks late last week highlighting 20-30% iPhone order cuts related principally to the iPhone XR and XS Max, that 20-25% order increases for the 8/8 Plus and older iPhone models will only partially offset,” Longbow analyst Shawn Harrison wrote in a November 12 note.
“Some preliminary checks confirm Lumentum’s commentary this morning regarding very recent iPhone order cuts, which supports cautious commentary from Skyworks last week. In our very preliminary checks, we’re hearing of 20% order cuts for the XR, as well as ~5% cuts to XS and XS Max build plans,” Raymond James analyst Chris Caso wrote in a November 12 note.
“This morning Apple supplier Lumentum updated much weaker guidance for the next quarter just 10 days after guiding to a higher revenue expectation. The company noted the following ‘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,'” Bank of America Merrill Lynch analyst Wamsi Mohan wrote on November 12.
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