However, I would think it will become somewhat difficult for Audience to convince new and existing customers of the importance of its product if Apple has indeed decided it no longer sees the value in it, particularly with Apple's Siri voice technology. One would think that noise suppression would be a critical need. Not anymore.
It will be interesting to see how Audience stock recovers after such a drastic drop. Making an investment case at this point requires a considerable number of assumptions, many of which must take into account the impact that losing Apple might have on earnings in the next several quarters.
That said, a drop of over 60% at this juncture is hard to overlook, and just might be an overreaction. Nonetheless, one can't assume the selling pressure is over just yet.
Audience shares would look more appealing after reaching a new 52-week low, which is currently at $5.80, and following a bounce off of that low of 10%. Until then, I would stay away from the stock and see what management is able to say and do to assure investors that it has things under control, with or without Apple.