Apple is cutting its sales estimates due to slower growth in China

The Apple group of technology industries has cut its estimates for the first quarter of the new fiscal year, mainly because of slower growth in China.

In a letter to investors, Tim Cook, chairman of the group, spoke about the rise in the dollar and the "stronger than expected" slowdown of the Chinese economy to justify this rare cut in estimates.

"We believe China's economic environment has been further undermined by the escalating trade tension with the United States," Cook said.

In electronic trading after the session ended, Apple's share price, which closed Wednesday, fell to $ 157.92, a slight rise of 0.11 percent, but down 32 percent from a record high in October.

At about 2200 GMT, it was down 7.6%.

"We expect economic weakness in a number of emerging markets, but this has had a bigger impact than we would have appreciated," Tim Cook wrote. He added that the main part of the reduction of estimates related to the phones "iPhone" and Mac computers and tablets, "iPad" in what the group calls "Greater China", namely China and Taiwan.

Apple's first-quarter turnover will drop to $ 84 billion from $ 91 billion, analysts said.


 

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