Apple share price plummets amid fears that iPhone demand is dropping

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"We think investors should consider Lumentum's updated guide as reflecting as much as a 30 per cent cut in Apple orders", Wells Fargo analyst Aaron Rakers said in a note to clients.

Apple Inc' and major suppliers to the company's iPhone fell Monday as investors fretted that one of the most important product lines in the technology sector was seeing weak demand.

Apple analyst Ming-Chi Kuo, who has a years-long track record of accurately predicting everything from new Macs to new iPhones, says he is cutting his original shipment estimates for Apple's new iPhone XR from 100 million units in the current holiday quarter to 70 million units, reports MacRumors.

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Early in the year, the company confirmed it had been intentionally throttling the speeds of some older phones to avoid battery-related problems. Analysts said that this could only refer to Apple.

Lumentum, a maker of parts used for facial recognition, didn't name the customer but Apple is its biggest, according to Bloomberg supply-chain data.

"We have reduced our iPhone XR shipment estimation from 100mn units to 70mn during the new product lifecycle", Kuo wrote, citing reduced Chinese consumer confidence stemming from the trade war, high prices, and competition from Huawei.

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Adding to Monday's negative news, Longbow Research cautioned that Apple is facing weak iPhone demand in China. "Also, the chances of further tax reform are close to zero, so I don't expect any more material reductions in Apple's reported tax rate", said Forbes' Jim Collins. He's got an awesome track record-and that's not even to mention that Apple has announced it will stop reporting unit sales of its iPhones next quarter, suggesting Apple is expecting a downturn as well. Apple said it preferred to focus on the company's transition to a services company, with regular recurring revenue.

The move led analysts to question the company's business and its share price has since dropped 12.6%.

'For Apple, the iPhone shipment has reached its peak. Our installed base is growing at double digit, and that's probably a much more significant metric for us from an ecosystem point of view and the customer loyalty, et cetera. "It doesn't matter a lot how many units there are in there in terms of the overall value of what's in the cart".

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Goldman now expects Apple to produce 6% fewer iPhones in 2019 than previously expected, lowering its Apple stock price forecast from $222 to $209.