Apple Suppliers Under Pressure After Tech Giant Lowers Guidance

(RTTNews) - Apple Inc. (AAPL) suppliers such as Skyworks Solutions, Inc. (SWKS) and Broadcom Inc. (AVGO) have moved sharply lower during trading on Thursday. Skyworks and Broadcom are currently down by 10.2 percent and 6.9 percent, respectively.

The sell-off by Apple suppliers comes after the tech giant downwardly revised its guidance for its fiscal first quarter.

In a letter to investors, Apple CEO Tim Cook said the company now expects fiscal first quarter revenue of approximately $84 billion compared to its previous forecast for revenue of $89 to $93 billion.

Cook attributed the lower guidance to a significantly greater than expected impact from economic weakness in some emerging markets.