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The revelation came just a week after the tech giant slashed its revenue forecast and blamed slumping sales on a slowdown in China.
Wall Street has already warned about supply-chain companies with a high dependence on Apple.
Here are the companies with a large percentage of revenues coming from Apple.
Apple's waning product demand is likely to impact not just the tech giant itself, but also its suppliers.
On Wednesday, the Nikkei Asian Review reported that Apple late last month asked its suppliers to cut production on new iPhones by 10% for the January-March quarter. It was the second time in two months that the tech giant trimmed its planned production for its iPhone devices.
And Wall Street has already been sounding the alarm on supply-chain companies with a high dependence on Apple.
"We are lowering our estimates for the names in our coverage that have the highest exposure to Apple," Ambrish Srivastava at BMP Capital Markets said in a note out last week.
Also in December, Paul Coster, an analyst at JPMorgan said that Apple suppliers - such as Jabil, a manufacturing-service provider sees 24% of its revenue come from Apple - will be at risk if key customers reduce purchasing commitments.
Here is a list of Apple suppliers with a larger percentage of revenues coming from Apple:
Revenue from Apple: 79% of $1.2 billion annual revenue
Performance in the past 12 months: -36%
Wall Street Comment:
"The Apple continues biting back," said Oppenheimer. "Apple remains Cirrus Logic’s flagship customer. Widely publicized iPhone production cuts have echoed through the Apple supply chain."
Annual revenue from Apple: 54% of $155 million annual revenue
Performance in the past 12 months: +146%
Wall Street Comment:
"Looking forward, its quality improves but our estimates rating shows a deterioration, mainly due to a decline in revenue per share," said SADIF Investment Analytics.
Annual revenue from Apple: 36% of $1.07 billion annual revenue
Performance in the past 12 months: -12%
Wall Street Comment:
"Cutting Estimates/Target Again On iPhone Weakness," said UBS. "While there could be some risk to Dec, issues seem likely to persist into 1H:19 given macro and China demand commentary especially given China exposure here that is generally larger than peers."
Annual revenue from Apple: 24% of $4.58 billion annual revenue
Performance in the past 12 months: -10%
Wall Street comment:
"We are cautious heading into F1Q19 results owing to macro concerns, tariff noise, and temporary slowdown in margin performance on ramping programs," JPMorgan noted.
"Further we think Street estimates are slightly on the high side, and do not reflect weaker demand from a key JBL customer."
