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Apple Rebounds After Cirrus And Qorvo Slash Guidance

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Shares of Apple Inc. (NASDAQ: AAPL) were trading higher by more than 1.5 percent early Friday morning as investors and traders appear to have shrugged off concerning updated from the company's key suppliers.

Shares of Qorvo Inc (NASDAQ: QRVO) were trading lower by nearly 5 percent at the same time. The stock was lower by more than 10 percent during Thursday's after-hours session.

Meanwhile, shares of Cirrus Logic, Inc. (NASDAQ: CRUS) were higher by nearly 2 percent early Friday morning.

Qorvo and Cirrus are both key parts of Apple's supply chain eco-system.

Qorvo said earlier it expects its third quarter revenue to be $620 million which is short of management's prior guidance of $720 million to $730 million. The company cited weaker-than-expected demand from its mobile customers.

Cirrus also said it expects its third quarter revenue to be $347 million, also short of management's prior guidance of $370 million to $400 million. Similarly, the company also cited weaker-than-expected demand from its portable audio customers.

 

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Posted-In: Apple Apple Suppliers Cirrus QorvoNews Guidance Pre-Market Outlook Movers

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