Analog’s fiscal 1Q16 revenue
On January 14, 2016, Analog Devices (ADI) announced that it expects its revenue in fiscal 1Q16 to be $745–$765 million as shown in the following chart. Earlier, it forecast revenue of $805–$855 million. Analog expects “weaker than forecasted” demand in its portable consumer business segment.
Analog accounts for 3.7% of the iShares PHLX Semiconductor ETF (SOXX).
Qorvo and Cirrus Logic lowered their fiscal 3Q16 revenue guidance
Qorvo (QRVO) lowered its fiscal 3Q16 revenue guidance from $720 million–$730 million to $620 million. The demand from its mobile products segment fell more than expected. The company earns ~82% of its total revenue from the mobile segment. Apple (AAPL) is one of its major customers. It supplies the antenna switch for the iPhone.
Cirrus Logic (CRUS) also lowered its fiscal 3Q16 revenue guidance from $370 million–$400 million to $347 million due to weaker demand from Apple. The company supplies audio integrated circuits to Apple. Apple accounts for ~70% of its total revenue. The heavy reliance on Apple makes Cirrus particularly sensitive to consumer demand for Apple’s products.
Analog shares fell by 2.6% last week. Qorvo shares fell by 17.2% during the same period.