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Apple estimated that it would make $91 billion over the last quarter, but has since revised this to $84 billion in revenue, with a gross margin of 38 percent. It was its first forecast slash in more than 15 years. Regardless of how Tim Cook spins it, this is not merely because of China's economic slowdown or customers' decisions to upgrade less frequently. "The question is to what extent this is more Apple-specific?" "Any company that does business in China will feel the impact of this". Revenue from this services category hit almost $10 billion in the three months ending in September, an impressive figure and an increase of 17 percent from the same period a year ago.

China's leaders have offered to narrow its politically sensitive trade surplus with the United States by purchasing more soybeans, natural gas and other American exports. It's the result of market competition, rather than economic deceleration.

The news sent shudders through global markets. Retailers and internet companies rose as well, with Amazon up 5.3 per cent at $1,580 and Google's parent company, Alphabet, rising 4.7 per cent to $1,073.

"Apple sales in China have not been doing well for a few quarters now, part of the reason is that their price points have gone too high - past the $1,000 mark", said Kiranjeet Kaur, an analyst at market research firm IDC.

Apple Inc shares plunged 10 percent on Thursday after the iPhone maker blamed weak China demand for a holiday-quarter revenue shortfall, with many investors anxious the rare stumble was a harbinger for slowing global growth. "Don't forget, Apple makes the product in China". -China trade dispute, a strong report on the U.S.jobs market and encouraging comments from the head of the Federal Reserve about the central bank's interest rate policy all combined to cheer investors.

The US tech giant itself was hit by Thursday's sell-off with its stock tanking 9.96 percent.

Apple (AAPL), among the world's most widely held stocks, plummeted 10% in its darkest day in six years.

Wall Street analysts, who had been peppering Apple's stock with downgrades in recent months, have been concerned the company would suffer declines in iPhone unit sales over the next couple of years.




The economy created 2.6 million jobs previous year compared to 2.2 million in 2017.

China's slowing economy has been a prime factor in the extreme market volatility of the past several months.

"The thing investors are wrestling with is this disconnect between a USA economy growing at a pretty good pace and valuations pricing in so much downside", said Edward Park, deputy chief investment officer at Brooks Macdonald.

The first two volatile trading days of the year are the S&P 500's worst two-day start to a trading year since 2000, according to analysts.

"We would anticipate the company increasing share buybacks on the weakness to return capital to shareholders at discount prices", said Trip Miller, managing partner at Apple shareholder Gullane Capital Partners.

Since the arrest last month, at the request of the United States, there have been sporadic reports of Chinese consumers shying away from Apple products.

The S&P 500 rose 3.4% and Nasdaq was up 4.3%.

But the company now expects its annual revenue to fall 5 percent from the previous year's level. Mnuchin told Bloomberg News in December that the usa was "confirming the logistics of several meetings" that could be held with China during the forum. The Dow added 578 points, or 2.6 per cent, to 23,254 after rising as much as 691 points.


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