Apple cuts Q1 revenue guidance

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (NASDAQ:AAPL) cuts its Q1 revenue guidance to $84B (was: $89B to $93B) and expects 38% gross margin and $8.7B in operating expenses.

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)

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