Apple Blames Battery Replacements For Low iPhone Sales

Apple warns that iPhone sales could take big hit

Apple CEO cited weaker-than-expected iPhone sales in China as the company lowered its quarterly revenue estimates Wednesday.

To help boost iPhone sales, Cook said Apple will expand its financing plans and build upon its recent efforts to make it easier to trade in older models at its stores.

People walk past an Apple store in Beijing on Dec 11. This year was no different, the rumors and rumblings of weak iPhone sales still came and we've all been waiting for Apple's reaction.

Shares in the California-based tech giant fell 8% in after-hours trading after Mr Cook said it now expected revenues of around $84bn (£67bn) in the three months to 29 December, down from previous guidance of $89bn-$93bn. Or will we see iPhones more reasonably priced - at least compared to the iPhone XS Max - this year?

Cook also acknowledged that consumers in other markets aren't buying as numerous latest iPhones, released last fall, as Apple had anticipated - a factor that could stem from a starting price of $1,000 for Apple's top-of-the-line iPhones.

Apple finds itself in a tricky position in China, a key market for sales and where it manufactures the bulk of the iconic products it sells worldwide, after the high-profile arrest in Canada of the CFO of domestic rival Huawei Technologies Co Ltd.

Apple's stock plunged 7 percent to $146.40 in Wednesday's extended trading.


Apple's revised first-quarter guidance has reduced the revenue by up to $9 billion and since Cook's letter revealing this, the company's stock dropped by almost 10 percent. Even before then, local rivals like Huawei had been gaining market share over Apple. But Cook specifically said he "would not put China in that category" of countries with troubled growth.

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 past year".

China is not only the problem for Apple.

Tim Cook also blamed the ongoing trade war between the United States and China for the slowdown.

SAN FRANCISCO-Apple acknowledged that demand for iPhones is waning, confirming investor fears that the company's most profitable product has lost some of its luster. That wiped up to $55 billion off of the company's stock market value.

The Apple CEO noted China's economy had begun to slow in the second half of 2018 and, in a thinly veiled jab, said Trump's trade war with China also bore some responsibility for the poor performance.

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