"Led by the softer backdrop in the [emerging markets], the better than expected response to the iPhone XS and the iPhone XS MAX (the higher-end phones) is unable to entirely offset the more tepid than expected consumer response to iPhone XR (launched recently)", the analysts continued, downgrading their price target for Apple stock to $266 from $270.
Speculation from news organizations like Reuters are reporting that the company to which Lumentum is referring to is Apple.
With shares of the Cupertino, Calif. -based tech titan down almost 18% from all-time highs reached in October, some see the recent weakness as a buy opportunity, while others are warning of more pain ahead for the high-flying FAANG player.
"To account for this new information, we are reducing our iPhone XR/XS Max/XS units estimate, while increasing estimates of lower priced iPhone units", the Goldman analysts wrote in a note distributed on Tuesday.
Draft Brexit deal agreed by United Kingdom and European Union , critics push for amends
He told the BBC it was "utterly unacceptable to anyone who believes in democracy" and that he would vote against it. He suggested the DUP might withdraw its support for May's government if that was the case.
Victims of Camp Fire Sue PG&E for Allegedly Causing Deadly Blaze
The Camp Fire, which erupted on Thursday, has ravaged 50,585 hectares of land and is 30 per cent contained, according to Cal Fire. More than 7,500 homes and buildings have been destroyed in the Camp Fire and the Woolsey Fire in Southern California .
More lake effect snow coming this week
Temperatures will stay pretty steady throughout the day, with winds out of the northeast around 10-15 miles per hour . Sunday should brighten up a bit, with partly sunny skies, a 30% chance of snow showers, and a high near 32 degrees.
Lumentum blamed the cut in numbers it gave originally just 12 days ago on a client that was "one of our largest... for laser diodes for 3D sensing", which analysts said could only be Apple.In its most-recent quarter, Apple reported nearly no increase in the number of iPhones sold, but revenue from that business jumped 29 per cent from a year earlier. As I wrote last week, a Nikkei report called demand for the iPhone XR "disappointing" and noted that Apple's suppliers have canceled plans to ramp up production of the device.
"The legacy iPhone models forecast is likely to increase significantly thanks to more affordable prices; the total iPhone shipments in 1Q19 are likely to see a YoY decline", Kuo continued, citing Career and Nissha Printing as two suppliers that might be affected by Apple's cuts.
Apple continues to struggle with its new line of smartphones, the Apple iPhone XR. JDI, which makes LCD screens used in the iPhone XR, plunged as much as 11 percent to its lowest since debuting in 2014.
The slide may also reflect concerns that Apple knows that iPhone unit sales are going to go negative in the short-term, which is why it chose to stop reporting unit sales.
Apple's biggest phone yet can be a bit unwieldy for those with smaller hands, so WSJ's Joanna Stern recruited National Basketball Association legend Gheorghe Muresan to help put the 6.5-inch iPhone's screen, camera and battery through the paces.