Apple shares close nearly 10% lower after sales warning

Thursday - 03/01/2019 17:15
AFP
AFP
Apple's shares ended Thursday down nearly 10% after chief executive Tim Cook blamed a slowdown in China sales for falling revenues.

On Wednesday, the iPhone maker said it expected revenue of about $84bn (£67bn) for the last three months of 2018, down from a forecast of at least $89bn.

Earlier, in Europe, shares in fashion firm Burberry were nearly 6% lower. LVMH and Hermes shares also fell.

Those companies are increasingly reliant on Chinese sales.

Like at other consumer goods companies, the festive season is typically Apple's strongest quarter, but revenues of $84bn would mark an almost 5% fall from the same period last year and represent the firm's first year-on-year quarterly decline since 2016.

Wednesday's cut to the sales forecast marked the first time Apple has revised its guidance to investors in more than 15 years, prompting the share price plunge.

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