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Apple cuts revenue forecast citing fewer iPhone upgrades, low China sales

Apple shares, which had been halted ahead of the announcement, skidded 7.7% in after-hours trade, dragging the company's market value below $700 billion

Apple  | Apple Inc


Apple Inc on Wednesday cut the revenue forecast for its latest quarter, citing fewer iPhone upgrades and weak sales in China, and its shares tumbled in after-hours trade. 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. "While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in ...

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First Published: Thu, January 03 2019. 04:19 IST