Apple briefly lost its $1tn dollar valuation yesterday despite reporting a record 20 per cent year-on-year jump in revenues. The tech giant’s profits also jumped 31 per cent to $14.1bn.
This happened after the iPhone maker warned that sales for the crucial holiday quarter would likely miss Wall Street expectations, sending its shares down as much as 7 per cent.
The total number of smartphones sold by all makers globally declined for the first time in 2017.
Apple said it expects between $89bn and $93bn in revenue for its fiscal first quarter ending in December, with a midpoint of $91bn coming in below Wall Street expectations of $93bn.
Cook in an interview with Reuters said that Apple is “seeing some macroeconomic weakness in some of the emerging markets.” He later told investors on a conference call that weak markets included Brazil, India, Russia and Turkey. Sales were flat in the fourth quarter in India, Cook said.
“Obviously, we would like to see that be a huge growth,” Cook added.