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Apple Lowers Q1 Revenue Guidance on Slow iPhone Sales

Apple will report the next quarter results on January 29

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Apple
Apple lowers Q1 revenue guidance on slow iPhone sales.

Following weaker than expected iPhone sales, particularly in China, Apple has lowered its revenue guidance for fiscal 2019 first quarter, which ended on December 29.

In a letter to investors on Wednesday, Apple CEO Tim Cook said that the company now expects revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.

Cook acknowledged that the revenue shortfall in its guidance was partly due to China’s trade tensions with the US. The slowdown in the Chinese economy also impacted its revenue, he said.

 Apple stock fell about seven per cent on the news, CNBC reported.

“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook said.

Apple, Campus, China
A customer is entering the Apple store in Fairfax, Virginia. VOA

“In fact, most of our revenue shortfall to our guidance, and over 100 per cent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad,” he added.

Cook said that lower than anticipated iPhone revenue, primarily in China, accounts for all of Apple’s revenue shortfall to its guidance and for much more than its entire year-over-year revenue decline.

“And, while we saw challenges in some emerging markets, others set records, including Mexico, Poland, Malaysia and Vietnam,” he said.

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“Our profitability and cash flow generation are strong, and we expect to exit the quarter with approximately $130 billion in net cash,” Cook said.

Apple will report the next quarter results on January 29. (IANS)

Next Story

Apple Launches Fitness Apps on Apple Watch Series 4 For Marathon Season

The marathon season begins with the "Mumbai Marathon" that is scheduled for January 20

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Apple Watch
Apple watch series 4.

Aiming to serve fitness enthusiasts better as “Mumbai Marathon 2019” inches closer, Apple has recommended some advanced activity, communications and health-tracking apps in its “Watch Series 4” to train people keeping a record of their resting, workout, recovery, walking and breathing sessions.

Activity competitions would allow users to challenge other ‘Apple Watch’ wearers, track active calories burned and exercise minutes earned.

Apple has recommended several apps on iPhone and Watch Series 4 apps to monitor people’s indoor and outdoor activities, along with pace alerts and automatic workout detection features.

Some of the apps include — “Strava – Run, Ride, Swim” app, “Streaks Workout” app, “Seven – 7 Minute Workout” app and “8fit Workouts and Meal Planner” app — among the others.

Apple, Iphone XR, Apple Watch
Try these fitness apps on Apple Watch Series 4 for marathon season. Flickr Commons

While the “Strava” app allows users to track and analyse key statistics like distance, pace, speed and elevation, the “Streaks Workout” app helps users customise their exercises.

“Seven – 7 Minute Workout” and “8fit Workouts and Meal Planner” apps provide workout and meal plans recommended by nutrition experts.

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Other apps like “WaterMinder”, “Asana Rebel”, “Runkeeper” and “Breathe” to maintain users’ water intake and track their yoga, running and breathing activities.

The marathon season begins with the “Mumbai Marathon” that is scheduled for January 20.  (IANS)