6 Why Apple Cut Revenue Guidance
Cook cited various reasons for the revenue revision, including fewer carrier phone subsidies and discounted battery replacements impacting upgrades in developed markets. But the blame was mostly volleyed at unforeseen “macroeconomic” issues that caused weaker-than-expected iPhone sales in Greater China, as well as other unspecified emerging markets.
Of course, Apple isn’t really to blame for weak sales in China. According to CNN, China’s economic growth last year was the weakest since 1990 — and it’s impacting U.S. firms other than Apple, too. Ongoing trade tensions between the U.S. and China and an overall stagnant global smartphone market aren’t helping either.