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Apple cuts forecast, citing weak China sales amid trade tensions

Updated : January 03, 2019 06:29 AM IST

Tim Cook told CNBC that Apple products have not been targeted by the Chinese government, though some consumers may have elected not to buy an iPhone or other Apple device because it is an American company.
The company forecast $84 billion in revenue for its fiscal first quarter ended December 29, which is below analysts' estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecast revenue of between $89 billion and $93 billion.
Apple shares, which had been halted ahead of the announcement, skidded 7.7 percent in after-hours trade, dragging the company's market value below $700 billion. In the broader market, the S&P 500 futures fell 1.5 percent.
Apple cuts forecast, citing weak China sales amid trade tensions

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