Apple cuts revenue over poor sales of iphone in China
12 January, 2019, 18:26 | Author: Regina Silva
"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China", Tim Cook, the chief executive at Apple, said in a letter to investors.
China's "economy began to slow there for the second half", Cook said during an interview with CNBC on Wednesday afternoon.
To help boost iPhone sales, Cook said Apple will expand its financing plans and build upon its recent efforts to make it easier to trade in older models at its stores.
In his letter to investors, Cook touted continued traction in Apple's "non-iPhone businesses", including wearable devices and supplementary services, like iCloud, Apple Pay and the App Store. This year was no different, the rumors and rumblings of weak iPhone sales still came and we've all been waiting for Apple's reaction.
Apple now expects revenue for the three months ending in December to be about $84 billion, down from an earlier estimated range of between $89 billion and $93 billion. The company also saw "fewer iPhone upgrades than we had anticipated", he said.
Cook largely blamed macroeconomic factors for the company's woes but Apple may have also hit a price wall with its consumers, at least when it comes to phones.
Apple finds itself in a tricky position in China, a key market for sales and where it manufactures the bulk of the iconic products it sells worldwide, after the high-profile arrest in Canada of the CFO of domestic rival Huawei Technologies Co Ltd.
All this has meant that Apple's market share in the world's fastest growing economy has gone below 1%. Asian suppliers' stocks also fell, as did shares of Samsung.
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iPhones are some of the most compact smartphones on the market.
In November, Cook citedslowing growth in emerging markets such as Brazil, India and Russian Federation for lower-than-anticipated sales estimates for the company's fiscal first quarter.
"We believe the economic environment in China has been further impacted by rising trade tensions with the United States", Cook added.
Apple has held firm on its premium pricing strategy in China despite the risk of a slower economy, a factor that has been exacerbated by the strong USA dollar.
China is not only the problem for Apple.
SAN FRANCISCO-Apple acknowledged that demand for iPhones is waning, confirming investor fears that the company's most profitable product has lost some of its luster.
The stark acknowledgment from the premier US tech company is sending reverberations throughout global markets and even led Citi to ask an existential question: "What if China Sales Went to Zero?" "This turned out to have a significantly greater impact than we had projected", Cook said in the letter.
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