Worried about yet another Apple (AAPL - Get Report) supplier cutting its third-quarter revenue forecasts.

Cirrus Logic (CRUS - Get Report) said that the cut was "due to recent weakness in the smartphone market."

TheStreet contributor Ron Lenihan wrote: In light of the reduced forecast, Susquehanna International Group analyst Christopher Rolland lowered his price target on shares of Cirrus Logic to $43 from $48. In a note to shareholders, Rolland said the 16% revenue reduction "was a bit worse than we had expected."

Cirrus Logic, which makes audio chips used in the iPhone, reported generating about 81% of its revenue from sales to Apple in fiscal 2018 in its most recent 10-K filing.

Jim Cramer breaks down why he's not panicking over the Apple news.

Apple is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.