Economy

Apple suppliers take a hit after iPhone sales slump warning

Apple suppliers take a hit after iPhone sales slump warning

Apple introduced this reduced pricing for iPhone battery replacements following the discovery of code in the iOS operating system that throttled the performance of iPhones if the battery was showing signs of wear (which itself appears to be a side effect of Apple's pursuit of thinner and lighter iPhones).

In New York, the Dow Jones industrial average was down 660.02 or 2.8 per cent in the second trading day of the year to 22,686.22. The company had revenue of $62.90 billion during the quarter, compared to analysts' expectations of $61.55 billion. That's nearly as much as Starbucks is worth and more than Lockheed Martin, Lowe's, Caterpillar, General Electric or Morgan Stanley. Maybe some Chinese consumers would have chosen but, nevertheless, aware of against the purchase of a product of a United States company.

The rebound in equities suggests that "Asian investors shrugged off bearish news surrounding Apple, and took this as a buying opportunity as the valuation of (Shanghai, Hong Kong and Singapore) markets are close to four-year lows", Margaret Yang, market analyst at CMC Markets, said in an interview. The shares had already fallen 32 per cent from their peak in early October when investors still had high hopes for the new iPhone models.

"This is more political than it is Apple execution".

During the past year, the USA and China slapped new tariffs on hundreds of billions of dollars' worth of imports in a trade war that threatens to snarl multinational companies' supply lines and reduce demand for their products.

"The knee-jerk reaction is that it will influence trading", said David Katz, chief investment officer at Matrix Asset Advisors.

A senior White House economic adviser said he expected trade uncertainty to hit earnings at many USA companies, but that sales at Apple and others with large exposure to China would recover once Washington and Beijing strike a trade deal. Analysts polled by FactSet had expected Apple's revenue to be about 9 per cent higher - $91.3 billion.

Black Twitter Lets R. Kelly Have It After 'Surviving R. Kelly'
Kelly Dominique Gardner cried after her mother, Michelle Kramer, was finally able to locate her. "He'd be daddy", said Van Allen. The child pornography charges were later dropped after both Kelly and the young girl denied that it was them in the video.

The firm had warned investors in November that a strengthening dollar and economic weakness in some overseas markets would be likely to hurt sales in the last three months of the year. The U.S. stock market in 2018 posted its worst year in a decade.

The SPDR S&P 500 ETF, ticker SPY, fell 0.9 per cent in after-hours trading and the Invesco QQQ Trust, ticker QQQ, tracking the Nasdaq 100 Index lost about 1.8 per cent. Cirrus Logic Inc. went down 2.91 points, or 8.49 percent, to $31.35. Multiple iPhone parts suppliers cut their sales outlooks in November. Manufacturing is still growing, but at a slower pace than it has recently.

CNBC reports that Apple's market cap is down to around $674 billion while shares have fallen by almost 40 percent.

Not only did Apple exit 2018 at a market cap well south of $1 trillion, but it didn't even leave the year as the world's most valuable publicly traded company. Beaton Management Co. Inc. lifted its holdings in shares of Apple by 1.8% during the third quarter. AMS, which makes facial recognition sensors for iPhone X, fell 17 percent.

Apple has revealed its takings are expected to be much lower than predicted during the crucial run up to Christmas, as demand for iPhones wanes.

The trade war with Washington has shaken a "sense of China's invincibility", said Mark Natkin, managing director of Marbridge Consulting, a research firm in Beijing.


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