Bank of America Merrill Lynch analyst Wamsi Mohan wrote Friday that Broadcom Inc.’s reduced outlook “could indicate continued weak iPhone units,” though it is hard to estimate the extent to which Apple Inc.’s iPhone plans impacted the forecast. “Apple has been significantly reducing channel inventory of iPhones (down ~12 million units in C1Q19 and approximately 3 million units per month in April and May),” he wrote. Broadcom’s reduced revenue forecast “potentially suggests 5 to 10 million fewer iPhones for the year, based on an estimated $400 million reduction, assuming inventory build of 5 to 10 million units,” Mohan continued. He noted that part of the lowered outlook could also be related to Apple’s planned launch timing for its forthcoming family of iPhones. Broadcom shares are down nearly 7% in Friday morning trading, while Apple shares are off 1.2%. Apple’s stock has gained 22% so far this year, compared with a 12% rise for the Dow Jones Industrial Average .