Apple Cuts Revenue Forecast as iPhone Sales Slump

Apple shares fell on open yesterday as CEO Tim Cook revealed revised revenue guidance for the first quarter of 2019

Morningstar Equity Analysts 3 January, 2019 | 8:24AM

Apple revenue forecast cut iPhone sales

Yesterday, Apple (AAPL) released a letter from CEO Tim Cook with revised revenue guidance for Apple’s fiscal 2019 first quarter. Specifically, revenue is now expected to be $84 billion versus a prior range of $89 billion to $93 billion.

The new revenue figure implies a 5% year-over-year decline. The chief culprit was Greater China, as most of the firm’s revenue shortfall to its guidance stemmed from the region across iPhone, Mac, and iPad. Cook cited a softer economic environment combined with rising trade tensions between China and the United States.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Apple Inc115.04 USD-0.61

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Morningstar Equity Analysts  Morningstar stock and fund analysts cover 2,000 mutual funds, 2,100 equities, and 300 exchange-traded funds.

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