{"id":17986,"date":"2019-01-02T15:12:22","date_gmt":"2019-01-02T23:12:22","guid":{"rendered":"https:\/\/associatednews.info\/content\/china-takes-wind-out-of-apple-iphone-sales\/"},"modified":"2019-01-02T15:12:22","modified_gmt":"2019-01-02T23:12:22","slug":"china-takes-wind-out-of-apple-iphone-sales","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/china-takes-wind-out-of-apple-iphone-sales\/","title":{"rendered":"China Takes Wind Out Of Apple iPhone Sales"},"content":{"rendered":"

By Avie Schneider<\/a><\/span> <\/p>\n

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\n People walk past an Apple store in Beijing in December 2018. Apple CEO cited weaker-than-expected iPhone sales in China as the company lowered its quarterly revenue estimates Wednesday.<\/p>\n

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Greg Baker\/AFP\/Getty Images<\/p>\n

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Greg Baker\/AFP\/Getty Images<\/p>\n

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Apple is cutting billions from its revenue estimates for the just-ended holiday season, citing sharply slower iPhone sales in China.<\/p>\n

“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” CEO Tim Cook said Wednesday in a letter to Apple investors<\/a>.<\/p>\n

Cook lowered the company’s revenue guidance for the three months that ended Dec. 29 to about $84 billion from as much as $93 billion<\/a>.<\/p>\n

The announcement of weakness from one of the world’s largest companies offers fresh evidence of a global economic slowdown, which has sent stock markets sliding<\/a> in recent months.<\/p>\n

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Cook said that in its earlier projection, Apple had “expected economic weakness in some emerging markets. This turned out to have a significantly greater impact than we had projected.” The company also saw “fewer iPhone upgrades than we had anticipated,” he said.<\/p>\n

In August, Apple became the first company worth $1 trillion<\/a>. But its stock has dropped more than 30 percent in the past three months, leaving its market cap at below $750 billion. Apple’s stock fell an additional 7.5 percent in after-hours trading Wednesday following the announcement.<\/p>\n