In a letter to investors released Wednesday, Apple CEO Tim Cook said that the company's revenue for the quarter that ended on Dec. 29 will be about $84 billion, well below its earlier earning estimates of between $89 billion and $93 billion.
After the letter was made public, Apple's stock dropped more than 7 percent in after-hours trading. Cook wrote that the company "anticipated some challenges in key emerging markets," but did "not foresee the magnitude of the economic deceleration, particularly in greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac, and iPad."
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