Apple Blames Battery Replacements For Low iPhone Sales

12 Janvier, 2019, 18:23 | Auteur: Auguste Feret
  • China Takes Wind Out Of Apple iPhone Sales

The reckoning came in a letter from Apple CEO Tim Cook to the company's shareholders released after the stock market closed on January 2.

China's "economy began to slow there for the second half", Cook said during an interview with CNBC on Wednesday afternoon.

Notably, Apple not only attributed the revised quarterly guidance to its battery replacement program but also to China.

People walk past an Apple store in Beijing on Dec 11. A couple of years ago it started making older iPhone 6S and iPhone SE models in India with a manufacturing partner called Winstron.

Fourth-quarter revenue is expected to be more around $84 billion. In November, the Cupertino, California-based company said it would quit disclosing unit sales data for iPhones and other hardware items, leading many analysts to worry that a drop in iPhone sales was coming. Last year, Apple had reported sales of $88.3 billion in the fiscal first quarter, so this slowdown means Apple is reporting a holiday quarter slowdown for the first time since Cook became the CEO in 2011.

Cook largely blamed macroeconomic factors for the company's woes but Apple may have also hit a price wall with its consumers, at least when it comes to phones.

On Apple's earnings call in November, Cook cited slowing growth in emerging markets such as Brazil, India and Russian Federation for the lower-than-anticipated sales estimates for the company's fiscal first quarter. Amid Apple's problems in China, the Dow fell more than 300 points in early trading on Thursday.

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AMS, a European chipmaker that supplies Apple, saw its shares drop almost 20% after Apple warned of slowing iPhone sales.

Apple shares, which had been halted ahead of the announcement, skidded 7.7 percent in after-hours trade, dragging the company's market value below $700 billion.

Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel, said Cook's comments on the impact of the US trade tensions with China "might be a dig at (US President Donald) Trump, but mostly he may be using the trade turmoil as an excuse for some missteps they've made over the a year ago".

The tech company's troubles send a message for companies doing business in China, or suppliers with customers that do business in China, that the effects of trade tensions and a slowing economy are rippling to consumers, curbing demand and spending.

In a letter to investors, Apple CEO Tim Cook pointed to a slowing economy, particularly in China.

Cook said that lower than anticipated iPhone sales, primarily in Greater China, accounted for all of the company's revenue shortfall compared to previous guidance.

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