Lower iPhone sales renew China fears

[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.