Briefing: Apple cuts sales forecast following weakened China sales 1 min read

Apple admits it is going to miss iPhone sales

Nobody in China wants Apple's eye-wateringly priced iPhones, sighs CEO Tim Cook

Cook acknowledged in his January 2 letter to investors that Apple expected a hard first quarter, due to the timing of the release of new iPhone models.

Its stock fell 10 percent Thursday, the worst drop in five years, wiping out about $75 billion in market value.

Apple is one of the most powerful tech companies on the planet.

For instance, Netflix has recently altered the way people can sign up to its video streaming service so that a cut of the company's sales don't have to trickle back to Apple via the app store.

China still is one of the fastest-growing economies, with 2018's expansion forecast at about 6.5 percent.

He is calling for them to move manufacturing to the US, however.

The firm had warned investors in November that a strengthening dollar and economic weakness in some overseas markets would be likely to hurt sales in the last three months of the year.

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Apple shares plunged over 9 percent earlier this week as Wall Street was rattled by the Silicon Valley giant's shock revenue warning.

Both Apple and Bernstein Liebhard have been contacted for comment. Thursday's plunge also pushed Apple market valuation to less than $700 billion and down to fourth place among most valuable publicly traded USA companies, just two months after it took the top spot.

"I think the trade war had a lot to do with this", Zino said. "People are anxious about losing jobs", she said.

The Chinese apparently have been avoiding Apple stores in droves.

The announcement caused Apple to temporarily halt trading in its shares, and when the stock resumed trading after-hours, investors promptly dropped its price to the tune of 7.5 per cent. ®. "China's economy began to slow in the second half of 2018".

Although the iPhone has not been affected directly by the tariffs, Mr Cook said it had put a strain on the Chinese economy.

The slump is a setback for the ruling Communist Party's efforts to nurture self-sustaining, consumer-driven economic growth and wean China from its reliance on exports and investment. "We believe the economic environment in China has been further impacted by rising trade tensions with the United States", he wrote.

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In December, Bloomberg News reported the company was facing a "fire drill" to boost iPhone sales.

"Our analysis suggests that iPhone ASPs (now around $800) are almost 5x higher than the average non-Apple smartphone globally and that price elasticity is very real", Sacconaghi wrote.

"They've gone up hundreds of percent since I'm president", he says.

Also, Apple's installed base of active devices is now higher than it's ever been. Some are priced as low as 500 yuan ($70).

'I won't really consider switching my phone until 5G has been operating stably on the market for some time without any bugs - or unless they stop offering 4G'. "Maintain prices, and customers could increasingly look to less expensive alternatives".

Maybe $1,000 is too much?

Emily Li is a 37-year-old advertising designer in Beijing.

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'I'll definitely be paying attention to 5G functionality when I buy my next phone, ' said Wu Chengjun, a graduate student in Beijing who now uses an iPhone X. But once he had to buy his own, he switched to a lower-priced Xiaomi. She told the AP she is delaying buying another auto or making other major financial decisions right now.

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