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In a letter to investors from CEO Tim Cook on Wednesday, the company lowered revenue guidance to 84 billion US dollars, down from the 89-93 billion dollars range it had previously projected.

In a letter to investors, Apple CEO Tim Cook pointed to a slowing economy, particularly in China. Following this news, Apple stock dropped $11.97 per share, or roughly 7.5%, during aftermarket trading hours on January 2, 2019.

On Wednesday night Apple cut its quarterly revenue forecast for the first time in 16 years.

Wedbush Securities analyst Daniel Ives described it as "Apple's darkest day during the Cook era", saying: "No one expected China to just fall off a cliff like this".

With no evidence or context provided whatsoever, it appears that Kudlow is trying to deflect any blame for Apple's poor stock performance away from Trump and onto China.

Thursday's plunge also pushed Apple market valuation to less than $700 billion and down to fourth place among most valuable publicly traded USA companies, just two months after it took the top spot. "While we don't expect zero sales to occur we believe investors will value this framework and the scenario analysis in this report". Predictably, shares of Apple absolutely tanked as a result and are now trading at a level we haven't seen since mid-2017.

The China slowdown comes as Apple faces other obstacles in some of its biggest markets.

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Other major exporters, including heavy-machinery manufacturers and tech companies like Intel and Microsoft, also took big losses.

Zino added that the high prices of the iPhone XS and XS Max - which start at $999 and top out at $1,449 - are hurting the phones in China, where consumers have cheaper options from companies like Huawei. Better iCloud storage, an Apple News content subscription (which I will happily pay for if it means no longer needing to visit ad tracking-riddled websites), an Apple video subscription, and more.

These analysts said that while Apple's services business jumped 27.5% year over year to $10.8 billion in December, they "are quite concerned that Services growth is going to slow meaningfully beginning in the March" quarter.

Apple's rare admission on Wednesday cited steeper-than-expected "economic deceleration" in China and emerging markets and noted that trade frictions between Washington and Beijing were taking a toll on its smartphone sales. A surprisingly weak report on USA manufacturing made matters worse. Chinese smartphone manufacturer Huawei enjoys a 24.6 percent share.

Apple and the White House didn't immediately respond to requests for comment.

Apple shares plummeted almost 10 percent on the news Thursday, with the company shedding some 38 percent since its valuation hit $1 trillion a year ago. "I hope they correct course" on pricing, Zigmont said. VIX trades on a scale of 1-100 with 20 representing the historic average.