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Companies

Apple suppliers in Japan chop $1bn off profit estimates

Sector looks to automotive electronics as smartphone sales wane

TDK makes components like these tiny solid-state batteries, designed for use in "internet of things" devices.

TOKYO -- Six of Japan's top electronic parts manufacturers have lowered their annual profit forecasts by the biggest margin in five years as slowing smartphone demand forces them to seek growth elsewhere, notably in autos.

Kyocera, Nidec, TDK, MinebeaMitsumi, Alps Alpine and Nitto Denko -- all links in Apple's vast supply chain -- have cut a total of more than 120 billion yen ($1.09 billion) off their operating profit forecasts for the year ending March 31.

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