Here's really why stocks are losing a ton of steam right now.
Servify, a Mumbai-headquartered startup that operates a device lifecycle management platform and works deeply with brands, including Apple and Samsung, in a number of geographies, has raised $23 million in a new financing round. The Series C financing round for the five-year-old startup was led by existing investor Iron Pillar; other existing investors, including Blume Ventures, Beenext and Tetrao SPF, participated in the round. Servify works with enterprises such as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola and Airtel and handles for its partners after-sales services such as device protection, exchange and trade-in programs, explained Sreevathsa Prabhakar, founder and chief executive of the startup, in an interview with TechCrunch.
Apple (NASDAQ: AAPL) and Skyworks Solutions (NASDAQ: SWKS) are two such stocks that have lost some ground in September. On the brighter side, Apple and Skyworks are sitting on a huge opportunity in the form of 5G wireless networks, which could make them strong buy candidates in the event of more downside. Apple stock is down substantially this month, as evident from the chart above, which might seem surprising, as the iPhone maker's shares were expected to surge following a 4-for-1 stock split that went into effect on Aug. 31.