Apple dips as trade dispute hits iPhone demand in China
New York — Apple said on Tuesday sales for its fiscal second quarter would most likely be lower than Wall Street expected, a signal that it continues to face weak demand for its iPhone, especially in China, the world’s biggest smartphone market. However, CEO Tim Cook, who is in regular contact with US President Donald Trump, said he sees some hope that trade tensions between the US and China have eased. He also made upbeat comments about Apple’s fast-growing services business and said the company is considering pricing its phones in local currency in China and other international markets, which may spur sales. Apple shares rose 2.5% to $158.55 in after-hours trading. The company said it expects revenue between $55bn and $59bn for the current quarter ending in March, largely below analysts’ average estimate of $58.83bn, according to IBES data from Refinitiv. For the quarter ending in December, Apple’s busiest due to the holiday shopping season, Apple reported revenue of $84.3bn, slig...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.