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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 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 Plans to Launch MacBook Pro, iPads with Samsung OLED Screens

iPhone-maker may introduce OLED displays on the low-cost iPhone XR's successor expected to launch in 2020

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apple, macbook, samsung displays
Apple has recalled a limited number of older generation 15-inch MacBook Pro units. Pixabay

Apple is expected to launch its 16-inch MacBook Pro along with iPad Pro tablets with OLED screens from Samsung.

Apple uses these high-end screens as a selling point for its iPhone XS and XS Max, but iPhone sales have been slowing and the company may need other places to put those screens, The Verge reported late on Friday.

In an earlier report, famed Apple analyst Ming-Chi Kuo talked about the launch of new Apple devices.

Samsung displays, apple, macbook
Apple may use Samsung displays in MacBooks, iPads. Pixabay

Kuo stated that the company might launch a new iPad with 10 or 12-inch screen in late 2020 or early 2021 and a MacBook with 15 to 17-inch screen size in the first half of 2021 equipped with mini-LED panels.

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Kuo has also previously claimed that two new iPad Pro models will enter mass production between the fourth quarter of 2019 and the first quarter of 2020.

According to media reports, the iPhone-maker may introduce OLED displays on the low-cost iPhone XR’s successor expected to launch in 2020. (IANS)