Lower your expectations for holiday sales, Apple warns market
The disappointing forecast sent Apple shares down as much as 7%, taking roughly $70bn off its market value and forcing that value below $1-trillion
San Francisco — Apple has warned that sales for the crucial holiday quarter are likely to miss Wall Street expectations, which CEO Tim Cook has blamed on weakness in emerging markets and foreign-exchange costs. The disappointing forecast by the world's most valuable technology company sent shares down as much as 7%, taking roughly $70bn off Apple's market value and forcing that value below $1-trillion. The forecast could also deepen concerns for technology companies that saw a sell-off after misses by Amazon.com and Google parent Alphabet. Apple said it expects between $89bn and $93bn in revenue for its fiscal first quarter ending in December, with a midpoint of $91bn coming in below Wall Street expectations of $93bn, according to IBES data from Refinitiv. Cook said in an interview that Apple was "seeing some macroeconomic weakness in some of the emerging markets". He later told investors on a conference call that weak markets included Brazil, India, Russia and Turkey. Sales were fl...
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