Apple stock sinks as concerns over slowing iPhone demand take hold

Shares of Apple Inc. took a dive Monday toward a 3 1/2-month low, as a profit and revenue warning from an optical equipment supplier suggested investor worries that iPhone demand may be weakening was becoming reality.

Apple’s stock AAPL, -4.29% tumbled 5.0% in morning trade, putting it on track for its lowest close since July 31. The stock has now plunged 16.3% since its Oct. 3 record close of $232.07.

Meanwhile, Lumentum Holdings Inc. shares LITE, -29.92% plummeted 31% toward a 21-month low, after the company said before Monday’s open that it “recently received a request from one of our largest industrial and consumer customers for laser diodes for 3D sensing to materially reduce shipments” during its fiscal second quarter, which ends December.

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