STMicro: takes 3% hit after Apple revises targets
(CercleFinance.com) - The STMicro share is down on the Paris Stock Exchange in morning trading after Apple announced its targets.
The group is a big supplier for Apple, as is AMS, whose share is being hit even more (-4%).
Apple announced on Monday evening that it no longer expected to reach its revenue targets for the current quarter, highlighting a return to normal conditions that is proving to be slower than what it was expecting, in the context of the coronavirus epidemic in China.
The group said that due to the epidemic, the global supply of iPhones will be temporarily constrained, and that the demand for its products within China has been affected by store closures.
For the record, when it made its last quarterly publication on 28 January, Apple said that it expected between 63 billion and 67 billion dollars in revenues over Q2 2019-20 (to end-March).
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