SAN FRANCISCO — A major gross sales slowdown in China has compelled Apple to scale back income expectations for its most up-to-date quarter.
The firm stated Wednesday that it anticipated income of about $84 billion in the quarter that ended Dec. 29, down from a earlier estimate of $89 billion to $93 billion.
Apple’s shock announcement added to issues concerning the capacity of American tech giants to navigate an more and more unsure financial system and a unbroken commerce battle between the United States and China. China has change into Apple’s third-largest market in current years, pushed largely by iPhone gross sales.
Growth in iPhone gross sales has been slowing for years as the worldwide smartphone market has change into saturated. Late final yr, traders turned fearful that pattern was about to worsen when Apple stated it could cease reporting what number of iPhones it offered.
Apple’s shares fell in after-hours buying and selling following the income warning.