LG Display tumbles on concerns of weaker sales to Apple
SEOUL (Reuters) - Shares in LG Display (034220.KS), a flat-screen supplier for Apple Inc (AAPL.O), plunged more than 4 percent on Thursday, hit by concerns of weaker demand from the iPhone and iPad maker after disappointing revenue forecast by a chip supplier to the U.S. firm.
Apple shares also fell below $400 on Wednesday for the first time since December 2011 after Cirrus Logic (CRUS.O), which makes analog and audio chips for the iPhone and iPad warned of a reduced product forecast from one customer- which it did not name. But 90 percent of more of its business comes from Apple, making it a key indicator of demand for iPhones and iPads.
"A warning by Cirrus Logic fueled concerns about sluggish sales of iPhone and iPad and adversely affect shares of LG Display, which generates about 20 percent to 25 percent of its revenue from Apple," said Jay Yoo, an analyst at Korea Investment & Securities.
(Reporting by Miyoung Kim and Hyunjoo Jin; Editing by Edwina Gibbs)
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