„Apple stock was halted in after-hours trading just prior to the announcement, and shares were down about 8 percent when trading resumed 20 minutes later.
Apple lowered revenue guidance to $84 billion, down from the $89 to $93 billion it had previously projected. The company lowered gross margin to about 38 percent from between 38 percent and 38.5 percent.
Apple blamed a variety of factors for the lowered guidance, including deceleration in China and lower-than-expected iPhone revenue. Apple said the lower-than-anticipated revenue happened "primarily in greater China," but also said that upgrades to new models in other countries were "not as strong as we thought they would be."
"If you look at our results, our shortfall is over 100 percent from iPhone and it's primarily in greater China," Cook told CNBC's Josh Lipton in an interview Wednesday. "It's clear that the economy began to slow there in the second half and I believe the trade tensions between the United States and China put additional pressure on their economy."
Apple lowered revenue guidance to $84 billion, down from the $89 to $93 billion it had previously projected. The company lowered gross margin to about 38 percent from between 38 percent and 38.5 percent.
Apple blamed a variety of factors for the lowered guidance, including deceleration in China and lower-than-expected iPhone revenue. Apple said the lower-than-anticipated revenue happened "primarily in greater China," but also said that upgrades to new models in other countries were "not as strong as we thought they would be."
"If you look at our results, our shortfall is over 100 percent from iPhone and it's primarily in greater China," Cook told CNBC's Josh Lipton in an interview Wednesday. "It's clear that the economy began to slow there in the second half and I believe the trade tensions between the United States and China put additional pressure on their economy."
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