1/2, 10:36 PM (Source: TeleTrader)
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Chart for: Apple Inc.

Apple warns of lower revenue in Q1 of 2019

American tech giant Apple announced on Wednesday that it was lowering guidance for its first quarter of 2019, according to a public letter sent to investors.

The company said that it now expects a revenue of around $84 billion, down from the $89 to $93 billion range it had previously predicted. Meanwhile, the company lowered its gross margin to about 38%. Apple also said it expects the number of shares used in computing diluted EPS to be approximately 4.77 billion. Meanwhile, operating expenses were revised to approximately $8.7 billion.

Apple cited challenges in certain emerging markets, stating that it did not "foresee the magnitude of the economic deceleration, particularly in Greater China." More than 100% of the company's year-on-year revenue decline occurred in China, particularly regarding iPhone sales, the letter adds.

Breaking the News / BM