Apple iPhone sale warning crushing European chip shares AMS Dialog

European chip stocks tumbled Thursday after Apple cut its first quarter revenue guidance referring to weaker than expected iPhone sales and weakening economic growth in China.

Austrian chipmaker AMS nosedived 19 percent, while Swiss firm STMicroelectronics dropped about 7 percent, both companies being semiconductor suppliers for Apple devices.

Shares in The Anglo-German chip supplier Dialog Semiconductors ran 7 percent at the opening in Frankfurt., Apple decided to buy part of the Dialogue's business in a $ 600 million deal.

Other chip stocks, including Dutch company ASM International and Germany-based Siltronic also fell open under pressure in the semiconductor industry, the broader European Stoxx 600 tech index was the worst performing sector in Europe on Thursday, and traded about 2 percent.

Movements in Europe followed losses in Asia's technology sector among Apple's suppliers.

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