Shares plummet following Apple's profit warning, blamed on China, lower iPhone sales and cut-price battery replacements

After Apple issued a profit warning, indicating that it believed first quarter revenue will be lower than previously expected, shares in the company dropped by as much as 9 percent in early trading, and the effects were felt by other companies as fear mounted that Apple's troubles could spread wider. Tim Cook issued a letter to shareholders, warning that 'our revenue will be lower than our original guidance for the quarter'. He cites a number of reasons for the revised figures, including the timing of iPhone sales, the strength of the dollar, market saturation, and lower than expected numbers of… [Continue Reading]