SAN FRANCISCO — Apple warns that disappointing iPhone sales will cause a significant drop in its revenue over the crucial holiday season compared to earlier projections.CEO Tim Cook made the announcement after the market closed Wednesday. It embodies some of the worst fears of investors, who have been dumping Apple shares amid signs that the latest iPhone models weren’t living up to expectations. China has banned sales of Apple iPhones 6 through X in Qualcomm patent dispute Apple is considering moving iPhone production out of China if tariffs hit 25% Apple to build new $1-billion campus in Austin, Texas Cook cited China as Apple’s biggest weak spot, but also said that consumers weren’t upgrading to the latest iPhones models as eagerly as anticipated.As a result, Apple now expects revenue of US$84 billion for the fiscal quarter running from October through December. Management had previously predicted revenue ranging from US$89 billion to US$93 billion.
Apple now says Q1 revenue drop will be up to 10 on