NEW YORK: Shares of Apple are tumbling in early trading after the tech giant issued a rare cut to its revenue forecast due to weakness in China.
In a letter to the company shareholders, Apple CEO Tim Cook traced most of the damage to China, which is squaring off with the U.S. in a trade war just as its economy begins to show signs of slowing.
Apple sits at the top of an immense food chain of tech companies that supply it from Europe, Asia and the U.S., and almost all are being hit hard.
Cook issued the letter after the stock market closed Wednesday. On Thursday morning, Apple’s stock dropped $14.69, or 9.3 percent, to $143.23.
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