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Huawei P9 Imitates Apple: ‘New Dog With Old iPhone Tricks’

Chinese Huawei’s P9 is a “new dog with old iPhone tricks,” beating Apple ( AAPL ) to the smooth-backed punch, but including the usual chip suspects — Broadcom ( AVGO ), NXP Semiconductors ( NXPI ), Skyworks Solutions ( SWKS ) and Texas Instruments ( TXN ). But the iFixit teardown of the P9 smartphone did little for Broadcom stock was down a fraction in late-afternoon trading Friday, while NXP and Skyworks were both up a fraction. Texas Instruments stock, however, was up 1% on the stock market today . The Huawei P9 looks familiar , iFixit wrote, wondering, “just how far did Huawei go to imitate, and perhaps surpass, the iPhone?” IFixit notes the Huawei P9 camera is embedded within the body — as opposed to the bump in the iPhone 6S. Apple suppliers fill the inside of the Huawei P9, but their functions can vary from the iPhone 6S. Samsung supplies both — but it has a flash-memory chip inside the P9 as opposed to a RAM (random access memory) offering within the 6S, says iFixit. Huawei tapped SK Hynix for its RAM. Apple used Toshiba for its 6S flash memory. Texas Instruments supplied a fast-charging chip for the Huawei P9 vs. a power-management chip for the Apple 6S. And Huawei’s audio codec by HiSilicon is mirrored by Cirrus Logic ‘s ( CRUS ) chip inside the Apple flagship. Broadcom provides two chips for Huawei as opposed to a single chip for Apple. NXP, a single chip for the P9 and two chips for the 6S. The Huawei phone has three Skyworks chips vs. two Skyworks power amplifiers within the iPhone 6S. Huawei’s and Apple’s flagship phones both scored a 7 out of 10 on iFixit’s scale of repairability.

Skyworks Guidance Lags By $50 Mil On Petering Apple iPhone Demand

Apple ’s ( AAPL ) “iPhone drag” tugged Skyworks Solutions ’ ( SWKS ) fiscal Q3 guidance by $50 million late Thursday, prompting shares of radio-frequency chip rivals Broadcom ( AVGO ) and Qorvo ( QRVO ) to topple early Friday. Skyworks stock led a broad Apple chip sphere fall, down 4.5%, near 68, in morning trading on the stock market today . Shares of competitors Broadcom and Qorvo were down a respective 2% and 2.5%. NXP Semiconductors ( NXPI ), Qualcomm ( QCOM ) and InvenSense ( INVN ) stocks followed, down 1%, 3% and 4%, respectively. Apple stock was down 2%. For its fiscal Q2, which ended April 1, Skyworks reported $775.1 million in sales and $1.25 earnings per share minus items, in line and topping the consensus of 25 analysts polled by Thomson Reuters for $775.6 million and $1.24. But EPS slipped to single-digit growth for the first time in 13 quarters, rising 9% year over year. Sales rose 2%, in the single-digit range for the first time in 14 quarters. Both metrics have decelerated for five consecutive quarters. Current-quarter guidance for $750 million in sales and $1.21 EPS ex items would be down 7% and 10%, respectively, vs. the year-earlier quarter. On a year-over-year basis, sales have never declined in the past five years. EPS has declined twice, but this quarter’s decline would be the biggest. And both metrics lagged the consensus for $800.5 million and $1.32. Mizuho analyst Vijay Rakesh blamed the “iPhone drag” for Skyworks’ weak guidance. On Tuesday, Apple reported its first year-over-year decline in iPhone sales and its first quarterly revenue drop in 13 years. Apple CEO Tim Cook said Tuesday that the company planned to cut channel inventories in the June quarter “in light of the macroeconomic environment.” Late Tuesday, supplier Cirrus Logic ( CRUS ) offered Q3 guidance that also missed Wall Street views. But Skyworks expects a strong September quarter, with 20% and 40% content gains at Samsung and Huawei. On average, Chinese smartphones are growing content by 20% year over year, Rakesh wrote in a research report. Rakesh cut his price target on Skyworks stock to 99 from 105 but reiterated a buy rating. Cowen analyst Timothy Arcuri estimates that 40 million to 50 million iPhones will be sold in the June quarter, leading to better upside in Skyworks’ fiscal Q4. But he adds that Qorvo might be a stronger RF competitor now. Both analysts suggest that Skyworks look to diversify amid the slowing Chinese and iPhone markets. Arcuri reduced his price target on Skyworks stock to 76 from 78 and kept his market perform rating.

Cirrus Logic Beats, But Apple iPhone Slump Dings Skyworks, Qorvo

Cirrus Logic ( CRUS ) stock dodged Apple ’s ( AAPL ) tornado Wednesday, while shares of Apple suppliers Broadcom ( AVGO ), Qorvo ( QRVO ) and Skyworks Solutions ( SWKS ) fell on Apple’s first ever year-over-year decline in iPhone sales. In midday trading on the stock market today , Cirrus Logic stock bounded 6.5%, near 36, after the chipmaker late Tuesday posted fiscal Q4 metrics that declined vs. the year-earlier quarter but still topped Wall Street expectations. The results were similar to fellow Apple supplier NXP Semiconductors ( NXPI ), which late Monday reported consensus-topping Q1 earnings that also fell year over year. Cirrus Logic’s current-quarter guidance lagged analyst consensus on softening iPhone sales . Late Tuesday, Apple said that it had shipped 51.19 million iPhones in the March quarter, down 16% from the year-earlier quarter. Needham analyst Rajvindra Gill cut estimates on Apple suppliers Skyworks and Qorvo ahead of their earnings reports, slated for after the market close Wednesday. Apple’s June-quarter revenue guide for $41 million to $43 million implies 38 million iPhone shipments, Gill wrote in a research report. Analyst consensus currently estimates 44 million iPhone shipments for the June quarter, he wrote. “While we expect iPhone unit shipments to grow seasonally beyond the June quarter, we believe overall shipment levels are likely to be below our prior estimates,” he wrote. He cut his price targets on Skyworks and Qorvo stocks to 70 and 50 from 77 and 54, respectively, but kept his buy ratings. But Gil retained his buy rating and 50 price target on Cirrus Logic stock. Massive Opportunity Outside Apple Cirrus Logic reported $232 million in sales for the quarter that ended March 26 and 38 cents earnings per share ex items, down a respective 9% and 42% vs. the year-earlier quarter. The consensus of nine analysts polled by Thomson Reuters called for $226.2 million and 21 cents. Cirrus Logic wrapped up fiscal 2016 with $1.2 billion in sales and $2.40 EPS minus items, topping Wall Street for $1.16 billion and $2.22. Sales climbed 31% but EPS fell 10%. On a year-over-year basis, portable audio product sales — which would include mobile — fell 11% in fiscal Q4 but rose 34% in fiscal 2016. For the current quarter, Cirrus Logic expects $220 million to $250 million in sales, which at the midpoint would be down 17% and missing expectations for $258 million. But Cirrus Logic is gaining content at Apple, “thus insulating it from potential unit shipment declines,” Gill wrote. Outside Apple, he estimates that Cirrus Logic’s total addressable digital solutions market could reach $420 million over the next four years, up from just $21 million. Besides Skyworks and Qorvo, fellow Apple supplier Texas Instruments ( TXN ) is also slated to post financials late Wednesday. Shares for the three companies were down a respective 1.5%, 2% and fraction midday Wednesday. For fiscal Q2, the consensus of 25 analysts expects Skyworks to report $775.6 million in sales and $1.24 EPS minus items, up a respective 2% and 8% year over year. Wall Street calls for Qorvo to report $600 million in sales and 92 cents EPS minus items for its fiscal Q4, and $2.6 billion and $4.26 for its fiscal 2016. Across the board, every metric would fall vs. the year-earlier period. Texas Instruments is expected to wrap Q1 with $2.98 billion in sales and 62 cents EPS, down 5% and up 2%, respectively.