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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