- Home
- Business
- News
- Apple admits fall in demand for iPhones, cuts revenue guidance for Q1 fiscal quarter
Apple Admits Fall In Demand For IPhones, Cuts Revenue Guidance For Q1 Fiscal Quarter
Rukhshan Mir (@rukhshanmir) Published January 03, 2019 | 06:11 PM
Apple said Wednesday that demand for iPhones on the market is declining and its revenue guidance for its fiscal 2019 first quarter, which ended on Dec. 29, 2018, was revised downward.
Apple CEO Tim Cook said in a letter to investors earlier in the day that the contraction in China's smartphone market has been "particularly sharp." "As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed," Cook said.
Apple has slashed its Q1 revenue guidance to 84 billion U.S. Dollars, about 9 percent lower than the market's expected target of about 91.3 billion dollars.
"Most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad," Cook said in the letter.
He said that even in some markets, upgrades to new iPhone models were "not as strong as we thought they would be." He also cited other factors that contributed to the drop in iPhone revenues such as consumers adapting to a world with fewer carrier subsidies, price hikes resulting from a stronger U.S. Dollar, and lower price for iPhone battery replacements.
Market analysts believed that Apple's products like iPhones in China are facing strong competition from many Chinese home-grown smartphone rivals including Huawei and xiaomi, whose smartphones are much cheaper than iPhones.
Apple's top-of-the-line iPhones like iPhone XS Max, which were released in fall 2018, sold for more than 1,000 dollars, far more expensive than most China-made mobile phones on the Chinese market.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Business
-
Foreign exchange rates
48 seconds ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
26 minutes ago -
Today Gold Rate in Pakistan 26 April 2024
46 minutes ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
10 hours ago -
Pak-US officials engage to enhance trade, investment ties
11 hours ago -
Stocks fall as tech shares sink, US economy slows
11 hours ago
-
Higher taxes, awareness help decrease cigarettes sale in Pakistan
12 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
13 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
13 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
13 hours ago -
Zhao Shirin calls on Punjab Industries Minister
13 hours ago -
CEO APM Terminals calls on Finance Minister
13 hours ago