A warning from Apple about a sales slump in China sent shockwaves through stock markets yesterday and prompted one market analyst to say that the surprise announcement marked Apple’s “darkest day in the iPhone era”.
A total of $75 billion was wiped off the value of the technology group, which was the biggest company in the world and the first trillion-dollar group until November.
On Wednesday night Apple cut its quarterly revenue forecast for the first time in 16 years. Tim Cook, chief executive, said fewer customers than expected had bought Apple’s new iPhones, Macs and iPads, particularly in China, where the company “did not foresee the magnitude of the economic deceleration”. Apple
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