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Apple cuts revenue forecast on weak China sales

ITN News Editor
By ITN News Editor January 3, 2019 12:50

Apple cuts revenue forecast on weak China sales

Apple Inc cut the revenue forecast for its latest quarter, citing fewer iPhone upgrades and weak sales in China, and its shares tumbled in after-hours trade.The company forecast $84 billion in revenue for its fiscal first quarter ended Dec. 29, which is below analysts’ estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecast revenue of between $89 billion and $93 billion.Wednesday was the first time that Apple issued a warning on its revenue guidance ahead of releasing quarterly results since the iPhone was launched in 2007.Apple shares, which had been halted ahead of the announcement, skidded 7.7 percent in after-hours trade, dragging the company’s market value below $700 billion.A slew of brokerages reduced their first-quarter production estimates for iPhones after several component makers in November forecast weaker-than-expected sales, leading some market watchers to call the peak for iPhones in several key markets.

ITN News Editor
By ITN News Editor January 3, 2019 12:50

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