Asian iPhone Suppliers May Join U.S. Slide After Apple Target Cut

IPhone processor maker TSMC declines as much as 2.5% in Taiwan
Apple shares down as much as 8.5% in after hours trading

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By Catherine Larkin, Matthew Burgess, and Yu-Huay Sun

January 2, 2019 at 10:24 PM UTC

Updated on

January 3, 2019 at 2:50 AM UTC

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Apple Inc.’s Asian suppliers tumbled, following U.S. peers, after the iPhone maker cut its fiscal first-quarter revenue forecast on China weakness.

Apple slashed its forecast to $84 billion, compared with earlier guidance of $89 billion to $93 billion, citing an unexpected slowdown in demand from China and fewer upgrades to iPhone models, Chief Executive Officer Tim Cook said in a statement Wednesday. Airpods and Macbook sales were also constrained, he said. Apple shares fell as much as 8.5 percent in post-market trading.