Like dominoes, a sixth analyst since Monday pared his 2016 Apple (NASDAQ:AAPL) iPhone estimates Thursday, while also cutting forecasts for Apple chip suppliers Skyworks Solutions and Qorvo.
Needham analyst N. Quinn Bolton models a 5% year-over-year decline to 220 million iPhones shipped in Apple’s fiscal 2016, ending in late September, vs. prior estimates for a 6% jump to 245 million units.
Bolton also remodeled his forecast for Skyworks (NASDAQ:SWKS) and Qorvo’s (NASDAQ:QRVO) next three quarters on perceived Asian supply chain weakness. Earlier this week, German Apple supplier Dialog Semiconductor lowered December revenue guidance on soft mobile sales.
For Skyworks’ fiscal Q1 (ending this month), Bolton lowered his revenue and earnings per share ex items to $925 million and $1.59 vs. the consensus of 25 analysts polled by Thomson Reuters for $927.6 million and $1.60, respectively.
In November, Skyworks guided to $925 million to $930 million in sales and $1.60 EPS ex items.
Bolton dropped his fiscal Q2 estimate to $856 million in sales and $1.42 EPS ex items. For the fiscal year ending in September, he sees Skyworks pulling in $3.68 billion and $6.30.
Here is their Apple supplier check…
“Additionally, several analysts in Asia have reported reductions in Apple iPhone build rates,” Bolton said in his research report.
On Tuesday, Dialog Semiconductor cut its December sales guidance to $390 million to $400 million vs. its earlier outlook for $430 million to $460 million. Dialog cited weaker-than-expected mobile sales.
In 2014, Apple accounted for 97% of Dialog’s mobile sales and 79% of total revenue, Bolton wrote.
Bolton’s new iPhone model assumes Apple will report 75 million units shipped in December, 52 million in March, 45 million in July and 48 million in October.
“We believe these estimates are near the low end of Street consensus estimates for Apple,” he wrote.
Read More At Investor’s Business Daily: http://news.investors.com/technology/121715-785807-apple-iph…
Sounds like no rush to fill out a position in SWKS.