In a letter to investors, Tim Cook attributes all of the revenue shortfall to lower than anticipated iPhone revenue, particularly in China. Cook blames the macro backdrop and weaker than expected iPhone upgrades.
Apple shares were halted ahead of the news.
Update: Apple shares resume trading at 4:50 PM down 6%.
Previously: Apple down 7% on soft guidance (Nov. 1, 2018)
Now read: Apple Silly Season Is Upon Us »
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