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iPhone Suppliers Are Getting Destroyed After Apple Earnings

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It's not just Apple Inc. AAPL 0.69% that's getting sold after-hours. Smartphone component suppliers Cirrus Logic, Inc. CRUS, Skyworks Solutions Inc SWKS 1.39% and Broadcom Ltd AVGO 1.11% are all off several percentage points after Apple stock is below $100 for the first time since early March.

While Apple did beat iPhone unit sale consensus, iPad and Mac numbers missed Street estimates. The company also said it expects third quarter sales between $41 billion and $43 billion, under Street consensus of $47.35 billion.

Brian White of Drexel Hamilton, who holds a Buy rating and a $200 price target, said his estimates and price target were under review.

"Given the late stages of this 6-Series cycle and growing macro volatility, it is not surprising that Apple's 3Q:FY16 outlook is cautious," White added.

Apple stock is under $95 a share as of this writing.

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