Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

Holiday sales warned by Apple for bringing down the value below $1 trillion

Stuti Nandan
Stuti Nandan
Feminist by mind, socialist by heart. Passionate about everything she does, always learn new things with an open mind. A tech savvy and keeps an update about everything happening around, loves reading that is what gives her the best of both world some reality some fantasy.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

On Thursday, Apple Inc. warned that holiday quarter sales may miss Wall Street expectations and that is why Tim Cook the chief executive blamed on weakness in emerging of the foreign exchange costs. World’s most valuable technology company with its disappointing forecast helped send shares down as much as 7% roughly. It took $70 billion off the Apple’s market by forcing the value down by 1 trillion. This forecast made up the concerns high for all the technology companies that sell off after missing by companies like Amazon.com Inc. and Google parent Alphabet Inc.

It expects between $89 billion and $93 billion in revenue for its fiscal first quarter ending in December, with a midpoint of $91 billion coming in below Wall Street expectations of $93 billion, according to IBES data from Refinitiv. – Apple

Chief executive in an interview stated, “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”, and “Obviously, we would like to see that be a huge growth. Cook said on the call.

They also would quit giving the number of iPhones, iPads and Mac computers, leading to a further drop in the share price, since iPhone unit sales was long the key indicator of quarterly success. Withholding that number will make it impossible to calculate the average selling price of phones, another key measure. – Executives

“Unit sales are becoming less relevant as customers buy bundled products that include subscription services like Apple Music”, they added.

“It would start giving cost-of-sales data for its services business, an important metric for subscription businesses. But investors reacted negatively”, Apple said.

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic