"Apple weakness is the likely culprit for the soft 2Q guide," analyst Weston Twigg wrote in a note to clients Tuesday. "The key point of debate was whether the soft demand for Apple phones was already incorporated into the full-year SoC test outlook provided last quarter; it doesn't appear that it was."
In similar fashion, SK Hynix said Tuesday that "weak mobile demand" spurred a sales decline in DRAM memory chips in its financial report.
"Overall growth in smartphone sales will stagnate," Sean Kim, head of DRAM marketing at SK Hynix, said, according to Reuters.
Corning also revealed its division that makes the glass for many popular smartphones will suffer another sales decline in its second quarter. It posted first-quarter sales of $278 million, down 7 percent year over year, in the company's specialty materials segment, which came in below the Wall Street consensus of $285 million.
The company's management characterized the smartphone market as "maturing" and guided to a "similar year-over-year decline" in its second quarter for Corning's specialty materials business during its earnings call Tuesday.
The negative comments from technology companies came as Apple shares already declined from a key chip partner's forecast last week.
Apple's stock is cumulatively down 8.4 percent in the four trading sessions through Tuesday, wiping out $75.6 billion of shareholder value. The drop was sparked by Taiwan Semiconductor Manufacturing's weaker-than-expected guidance Thursday morning.
The world's largest semiconductor foundry and Apple supplier said its revenue forecast range for the second quarter is $7.8 billion to $7.9 billion versus the Wall Street estimate of $8.8 billion. The company blamed "weak demand" in the mobile sector for its forecast.
Apple did not immediately respond to a request for comment. The shares bounced back slightly Wednesday, up about 1.3 percent.