Shares of Apple have been in a slump the past few months and a new letter from Tim Cook will likely make things worse. In a letter to investors released this afternoon, Cook relayed that Apple was revising its revenue guidance for the typically busy holiday quarter. Apple now anticipates quarterly revenue to check in at $84 billion, a bit lower than what the company projected during its recent earnings report a few weeks ago.
As to the reason behind the revised guidance, it can all — not surprisingly — be traced back to weaker than expected iPhone sales. Interestingly, Cook’s letter attributes weak iPhone sales to extremely poor performance in China. All things considered, this shouldn’t come as much of a surprise given the avalanche of reports regarding weaker than expected demand for the iPhone XR.
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Apple lowers revenue guidance citing weak iPhone sales in China originally appeared on BGR.com on Wed, 2 Jan 2019 at 16:45:46 EDT. Please see our terms for use of feeds.
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