Nov 12, 2018

Apple iPhone sales fears rock Wall Street

Apple shares have slumped by more than 4%, dragging down US markets and wiping more than $40bn off the tech giant's market value. Apple's share price fall came after Lumentum, a US manufacturer of facial recognition technology and Apple supplier, said one of its major customers had reduced its shipments. As a result, Lumentum downgraded its sales and profit outlook, sending its shares down over 30%. Lumentum's warning came shortly after another Apple supplier, Japan Display, also cut its full-year guidance blaming "Volatile customer demand". It reported a record profit in the most recent quarter, thanks to higher prices and growing income from its services business, which includes services such as the App Store, Apple Pay, Apple Music. The combination of factors has helped fuel speculation that corporate profits may be at their peak, especially after several companies, including Apple and Amazon, issued weaker than expected sales forecasts for the months ahead..

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