Cirrus Logic's drop in revenue points to decline in Apple iPhone sales
All of this started to get Apple stockholders nervous as speculation grew that lackluster sales of the Apple iPhone was responsible for the shortfall in earnings. Both the Apple iPhone and Apple iPad use audio chips from Cirrus Logic, so any drop in the top line at the company had Apple investors reaching for the phone to call their broker. Apple's shares were decimated on Wednesday, at one point making a new 52 week low around $398. It didn't help that Needham & Co. analyst Vernon Essi Jr. blamed the problems at Cirrus Logic on problems at Cupertino.
Essi jr. said that Apple was "losing its mobility mojo," and added that the guidance "indicates that the recent fears of Apple’s lackluster iPhone demand in 2013 are warranted". He sees first half 2013 sales of Apple's iconic smartphone closer to 55 million than the earlier forecast 60 million. In addition, R.W. Baird analyst William Power said that increased competition would result in lower than expected Apple iPhone sales and also because Apple will probably not release a new iPad this quarter as it has in previous years. Some are calling for a 20% to 30% drop in Apple iPad mini shipments this quarter as buyers back off, expecting a new model of the device which probably won't launch until later this year.
source: Barron's, Marketwatch via BGR
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