Apple iPhone XR shipment forecast slashed by analyst Ming-Chi Kuo

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Shares in Lumentum fell almost 30 percent, dragging down shares of other suppliers and chipmakers.

Most of the new iPhones are priced at $999 and up, with the tricked-out iPhone XS Max going for as high as $1,449.

The Cupertino, California-based tech giant's shares fell to their lowest in more than three months on Monday after three suppliers cut their forecasts for iPhone sales in the coming holiday season. He's got an incredible 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 didn't immediately respond to a request for comment on the reports.

Following a poor forecast earlier this month, analysts and investors expressed concerned about Apple's prospects and said its smartphone sales might be stagnating.

Among other Apple suppliers, South Korea's LG Innotek Co., which gets about half its revenue from Apple, slid as much as 9.5 percent. And on Monday, Apple shares dropped after Lumentum - a supplier of "laser diodes for 3D sensing", such as those used by Apple's Face ID - cut its revenue forecast after "one of our largest Industrial and Consumer customers" significantly reduced orders.

Shares in Asian suppliers and assemblers for Apple Inc fell on Tuesday after several component makers warned of weaker than expected results, leading some market watchers to call the peak for iPhones in several key markets.

Early in the year, the company confirmed it had been intentionally throttling the speeds of some older phones to avoid battery-related problems.

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Lumentum Holdings Inc. plummeted a record 33 percent after cutting its second-quarter outlook when one of its largest customers asked to "meaningfully reduce shipments" for previously placed orders.

Wall Street typically monitors Apple's supply chain as a bellwether of demand for its products.

Asian suppliers also tumbled after the report.

Citi also cut its target on Qorvo on Monday due to iPhone XR weakness.

Speculation from news organizations like Reuters are reporting that the company to which Lumentum is referring to is Apple.

More recently, Apple launched a new version of its operating system, iOS 12, that supports an unprecedented 28 of the company's devices, including models that went on sale in 2013.

Apple's stock is now sitting at its lowest point in three months.

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