Lower iPhone sales renew China fears
Apple's stock also down 8% on weak revenue forecast
[NEW YORK] Lower- than-expected holiday iPhone sales and a weak revenue forecast by Apple Inc have renewed fears about Chinese demand and a tepid global market, wiping 8 per cent off company stock.
This year was to have been Apple's watershed moment in China, when a long-awaited deal with the nation's largest carrier was to have propelled it back towards the top ranks of its most crucial market, clawing back ground from rival Samsung Electronics.
Instead, the forecast for the March quarter - when Apple is expected to have reaped the fruits of that long-awaited deal - raises questions of whether investors had overestimated that arrangement, and broader concerns about flagging demand for smartphones and tablets in general.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
BT subscribers can now share 5 premium articles a month with unlimited number of non-subscribers
First Reit reports 3.2% lower Q1 DPU of S$0.006 amid interest rate, forex headwinds
Vietnam holds first gold auction in 11 years to stabilise market
How Hudson Yards went from ghost town to office success story