Apple finally says repairs hurts its bottom line

Apple CEO Tim Cook delivers the keynote address at the Apple 2012 World Wide Developers Conference at Moscone West

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

Apple has warned investors that its revenue over the crucial festive season will be lower than expected, blaming the US-China trade war for disappointing iPhone sales.

The Dow Jones Industrial Average tumbled more than 660 points as Apple stock dropped almost 10 percent - the biggest single day decline for the company since 2013 - just one day after it slashed its revenue forecast.

At the news conference, Trump also voiced his displeasure with Apple for making products in China, although he falsely asserted Apple CEO Tim Cook would soon change that. I have talked to a few people, both at Apple service centers and at third-party authorized fix centers, who report that there had been a significant uptick in iPhones coming in for battery replacement over the final few months of the program, so maybe this did indeed have a bigger than anticipated effect on holiday sales.

Apple says dropping demand for iPhones in China will cause its overall revenue to fall well below previous predictions. "While we don't expect zero sales to occur we believe investors will value this framework and the scenario analysis in this report".

Shares of Apple Inc.

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But Apple's new $1,000 iPhones are a hard sell to Chinese consumers anxious about the economic future, as trade tension continues between China and the United States.

"I think this is probably the first major downgrade that we've seen for fourth-quarter earnings, although I suspect this isn't the last one", he said in an interview.

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Now the company is reported to be considering expanding local production to include the latest iPhone models.

U.S. government bond prices surged, sending yields to their lowest level in nearly a year, and gold and high-dividend stocks like utilities also rose as investors looked for safer places to put their money. While this achievement was widely celebrated, it wasn't long before the bad news started piling in, leading to a substantial decline in Apple stock. Cook blamed the macroeconomy and U.S. But the Shanghai Composite index jumped 1.8 percent and South Korea's Kospi, which has a high number of tech stocks, added 0.4 percent to 2,001.80 after Thursday's lower close.

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At least 15 Wall Street analysts lowered their price targets on Apple's stock before markets opened today, with one slashing its price target by $75 to $200 per share.

'Typically my needs for my phone are high speeds for downloading videos or transferring files from chat apps.

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". The stock has fallen about 30 percent since Cook said in November that the company may miss its holiday quarter sales estimate.

Apple fell 8.3 percent following its announcement.

"I think there are a heck of a lot of United States companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded next year until we get a deal with China".

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