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."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
What is cloud seeding and did it cause Dubai's severe rainfall?The Explainer The future is flooded
-
American Airlines pilots are warning of a 'significant spike' in safety issuesIn the Spotlight The pilot's union listed 'problematic trends' they say are affecting the airline's fleet
-
6 star-spangled presidential libraries to visitThe Week Recommends These institutions provide insight into American leaders
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
