‘Lackluster iPhone demand’ cited for Cirrus revenue miss

Apple’s shares got hammered again on Wednesday and one major reason was the lackluster earnings guidance provided by chip vendor Cirrus Logic, which Apple has long used as a supplier for iPhone audio chips. Barron’s points us to a new note from Needham & Co. analyst Vernon Essi Jr., who claims that one big reason Cirrus will miss consensus on its quarterly revenues is because Apple is “losing its mobility mojo.” In particular, Essi says that the guidance “indicates that the recent fears of Apple’s lackluster iPhone demand in 2013 are warranted” and that sales “are more likely in the 55M range for 1H2013 vs. Street forecasts that are above 60M units.” Earlier this week R.W. Baird analyst William Power projected that iPhone sales were likely to come in lower than previously projected because of increased competition and because Apple may not launch a new version of its iPad, as it has done in previous spring quarters.