Apple has rattled investors with news that its sales have been slowing, blaming economic weakness in China.
In a surprise disclosure, the iPhone maker said it anticipated revenue of about $84bn (£67bn) for the three months to 29 December. In November it forecast sales of at least $89bn – a prediction that had already disappointed investors. Apple’s share price sank more than 7% in after hours trade, extending its more than 28% slide since November.
The company’s shares plunged 10 percent on Thursday after the iPhone maker blamed weak China, with many investors worried the rare stumble was a harbinger for slowing global growth.
In a letter to investors on Wednesday, chief executive Tim Cook said the firm’s sales problems were primarily in its Greater China region, which includes Hong Kong and Taiwan and accounts for almost 20% of its revenue.