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New York: Exchange-traded funds with hefty exposure to Apple Inc are getting hit in pre-market trading on Thursday after the tech behemoth slashed its revenue outlook for the first time in nearly two decades. The iPhone maker is the third-largest member in the $60 billion Invesco QQQ Trust Series 1 ETF, or QQQ, making up nearly 10 per cent of the fund.

QQQ fell about 2 per cent in pre-market trading and investors traded more than 5.1 million shares of the fund after the market close on Wednesday, nearly double the average post-session trading volume for the past year.

The $1 billion iShares PHLX Semiconductor ETF, or SOXX, holds many semiconductor companies that supply components to Apple, including Skyworks Solutions Inc, which lost 5.7 per cent in pre-market trading, and Broadcom Inc, which fell 4.1 per cent. Several key suppliers overseas had cut their revenue estimates during the past few months, suggesting something was amiss.

Apple slashed its second quarter revenue forecast to $84 billion, compared with earlier guidance of $89 billion to $93 billion, citing weaker demand in China. The company in November announced that it would no longer report iPhone unit sales, which many investors took as an indication that it was bracing for a slowdown.