Economy

Apple blames revenue slump on slowing Chinese economy as iPhone sales slow

Apple blames revenue slump on slowing Chinese economy as iPhone sales slow

Apple's iPhones are also the only smartphones on the planet that run the company's iOS, which can make it harder for current iOS device owners - particularly those who have invested in Apple's app ecosystem - to justify switching to an alternative smartphone brand. It embodies some of the worst fears of investors, who have been dumping Apple shares amid signs that the latest iPhone models weren't living up to expectations. Kevin Hassett, White House Council of Economic Advisors chief, said January 3 that "a heck a lot of United States companies that have sales in China are going to be watching their earnings being downgraded next year until we get a deal with China". Cook blamed the macroeconomy and U.S.

Technology stocks led the declines with chipmakers and other phone part suppliers both in the United States and around the world in the red. Companies such as General Motors, Caterpillar and Daimler have all said recently that trade tensions, combined with slower growth in China, were damaging their businesses.

After Apple's first revenue warning in almost 12 years, investors also dumped chipmakers and tech stocks and flocked to perceived safe havens like U.S. Treasuries and the Japanese yen.

Some analysts said Apple erred in boosting the price of its new iPhones to well over $1,000 in a global smartphone market that is largely saturated and facing tougher competition.

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Meanwhile, the USA arrest warrant for Huawei Chief Financial Officer Meng Wanzhou, who has been detained for the past month in Canada, infuriated many Chinese and touched a nerve in a country where nationalism - and distaste for the United States - has been on the rise as national competition has broken out.

In August, Apple became the first US firm to reach a market cap of more than $1 trillion, and coasted through most of 2018 as the highest-valued company in the world. The flagship product earns Apple about two-thirds of its revenue, and allows the company to generate more money from attached products like Apple Watches, AirPods, and services like Apple Music. According to market researchers with IDC, "worldwide smartphone shipments are expected to decline by 3% in 2018 before returning to low single-digit growth in 2019 and through 2022".

Apple shares plunged over 9 percent earlier this week as Wall Street was rattled by the Silicon Valley giant's shock revenue warning.

"When the largest and second-largest economies in the world get into a trade dispute, the rest of the world's going to feel the effects". "There are a heck of a lot of USA companies that have sales in China that are going to be watching their earnings being downgraded next year until we get a deal with China". A higher VIX typically corresponds with declining stock prices. USA crude rose 1.2 percent to $47.09 a barrel in NY and Brent crude rose 1.9 percent to $55.95 a barrel in London.

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Overall, export growth decelerated to 5.4 percent over a year earlier, less than half October's 12.6 percent rate.

The broader S&P 500 fell 24 points, or 1 percent, to 2,485.

The yield on the 2-year Treasury note slid to 2.39 percent from 2.50 percent, and the yield on the 10-year note sank to 2.56 percent from 2.66 percent. The British pound fell to $1.2630 from $1.2690.

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