Apple says its sales slumped, blaming weakness in China
Apple is lowering its financial guidance, blaming an economic slowdown in China that has weakened sales of its iPhones, Macs and iPads.
The tech giant said revenue for its fiscal first quarter, which ended Dec. 29, will be about $84 billion, falling short of an average analyst estimate of $91.5 billion.
“We did not foresee the magnitude of the economic deceleration, particularly in Greater China,” CEO Tim Cook said in a statement on Wednesday. “In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.”
This is a developing story…