Apple has pointed the finger on China’s weakness and the slowdown in iPhone sales
Apple moves the beginning of 2019, giving a low blow to the international markets. In fact, the Cupertino house has revised downwards its estimates for revenues for the first quarter, setting them at $ 84 billion; well below the 91 billion expected by analysts.
Who asked for explanations, Apple responded by pointing the finger at the weakness of China and the slowdown in iPhone sales in the country. In fact, the Chinese economy started to slow down in the second half of 2018 with GDP growth being the second lowest in the last 25 years.
Cook has tried to sweep away the fears that Apple may be the victim of a boycott
“While the climate of growing uncertainty weighs on the financial markets, the effects seem to have reached consumers, while the traffic our shops and those of our partners in China has decreased with the progress of the quarter” highlighted Tim Cook.
Cook has also tried to wipe out the fears that Apple may be the victim of a boycott in China due to tensions with the United States.
The timing is striking, with the cut in estimates reaching 60 days from the first forecasts
The surprise announcement, in addition to shaking the markets, is fueling doubts about the ability of Cupertino. In fact, it is above all the fact that the cut in estimates reaches only 60 days from the previous forecasts issued by the company.
“When we talked about the estimates for the first quarter 60 days ago we knew that the first three months of the year would be influenced by macroeconomic factors”, explains the CEO of Apple in the letter to investors.
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