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Peak Apple Apple shares were temporarily pulled from trading on Wednesday as the Cupertino idiot-tax operation warned of lousy sales numbers on the horizon.
CEO Tim Cook told investors that come January 29, the phone-flinger won't hit the revenue figures it said it would reach, and would in fact see its first year-over-year decline since 2016. It is the first time Apple has had to lower its estimates in over a decade.
Guidance - Apple - Revenue - Range - Apple
Under the new guidance, Apple says revenue will be around $84bn, well short of the $89-93bn range Apple had estimated and a sizeable drop from the $88.3bn revenue haul Apple reported in Q1 FY 2018.
In fessing up to the looming fiscal disappointment, the Apple boss blamed the shortfall not on the eye-wateringly high prices for its latest lines of kit, but rather on the people of China, who let Apple down by not purchasing as many shiny doodads as was expected of them.
Challenges - Markets - Magnitude - Deceleration - Greater
"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," Cook told shareholders.
"In fact, most...
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