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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 Unveils New AirPods Designed to Deliver More Talk Time

With this feature one would be able to change songs, make a call, adjust the volume or get directions while keeping their hands in pockets

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The Apple logo is shown outside the company's Worldwide Developers Conference in San Francisco, California. VOA

Introducing its second generation of wireless headphones, Apple on Wednesday launched new AirPods designed to deliver more talk time.

The new AirPods come with either a standard charging case or a new wireless charging case.

Apple said the AirPods with standard charging case will be available for Rs 14,900 and those with wireless charging case for Rs 18,900.

They will be available to order through Apple authorised resellers later this spring, the company said.

Representational image
Representational image. Pixabay

Powered by Apple-designed H1 chip, developed specifically for headphones, the new AirPods now feature the convenience of “Hey Siri” – meaning users could invoke the assistant without touching the earbud.

With this feature one would be able to change songs, make a call, adjust the volume or get directions while keeping their hands in pockets.

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“The world’s best wireless headphones just got even better with the new AirPods. They are powered by the new Apple-designed H1 chip which brings an extra hour of talk time, faster connections, hands-free ‘Hey Siri’ and the convenience of a new wireless battery case,” said Phil Schiller, Apple’s Senior Vice President of Worldwide Marketing. (IANS)