After a charmed run of more than two decades, gravity has finally caught up with Apple’s share price. The company grew steadily since Steve Jobs retook control in 1997, and became not only the world’s most valuable listed company but the first to hit the $1-trillion mark. Until last week. In a letter to investors, CEO Tim Cook said Apple was expecting a $9bn revenue shortfall for the first quarter of its 2019 fiscal year, which ended on December 29. Even though it’s expecting about $84bn in revenue, with a gross margin of about 38%, that’s less than the previously announced $89bn-$93bn. The market wiped 7.5%, or $55bn, off Apple’s share price on the day alone. "While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in greater China," Cook wrote. Though this is Apple’s first profit warning since 2002, the market has been fearing such an event. It led to a sell-off in emerging-market currencies and affe...

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