Apple Says It Could Miss $9 Billion In iPhone Sales Due To Weak Demand

An anonymous reader quotes a report from The Verge: Apple CEO Tim Cook published a letter to investors today warning of weaker than expected first-quarter earnings, citing 'fewer iPhone upgrades than we had anticipated.' The weakened demand came primarily from China, although Cook notes that 'in some developed markets, iPhone upgrades also were not as strong as we thought they would be.' In his letter, Cook offers several explanations for the lower earnings guidance: earlier launch timing of the iPhone XS and XS Max compared to the iPhone X, the strength of the US dollar, supply constraints due to the number of new products Apple released in the fall, and overall economic weakness in some markets. But the core issue remains simple: people just aren't buying as many new iPhones as Apple hoped. All in all, Apple's revised Q1 guidance forecast is dropping by up to $9 billion in revenue compared to its original estimate.

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