The company also pointed to a weaker than expected demand for its flagship unit in industrialized countries, where fewer people buy more up-to-date equipment.
Apple cut its earnings forecast for the last quarter of 2018 today and quoted fewer iPhone updates and weak sales in China.
Tim Cook's company revealed that in the three months ending in December, revenue of $ 84 billion in revenue would be recorded, a figure below analysts estimate of $ 91,500 million. USD according to Refinitiv's IBES data.
"While expecting some challenges in key emerging markets, we fail to anticipate the size of the economic downturn, especially in the Greater China region," says the CEO of the Cupertino-based company.
The warning caused shares to choke in off-wheel operations more than 7%. Apple initially expected an income of $ 89 billion and $ 93 billion for the three months ending March.
Cook also pointed to a weaker-than-expected demand for its industrialized flagship unit, with fewer people than expected, to acquire more up-to-date equipment. He attributed this deficit to the weakest economies, a decline in cellphone operator grants, and his recent offer of subsidized battery replacement, causing more people to keep their existing phones.