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Apple Shares Dive After CEO's Bad News

'This is Apple's darkest day during the Cook era'
By Rob Quinn,  Newser Staff
Posted Jan 3, 2019 6:45 AM CST
A woman browses her iPhone as she walks by a mural depicting an iPhone at a subway station in Beijing, Thursday, Jan. 3, 2019.   (AP Photo/Andy Wong)
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(Newser) – Apple shares are in store for a bruising after CEO Tim Cook's warning to shareholders on Wednesday. The share price dived 8% in after-hours trading and is now down by a third from its October peak. The price is expected to plunge further on Thursday, bringing other tech stocks and global markets down with it, Business Insider reports. Cook warned that revenue forecasts had been revised downward amid sagging sales and an economic slowdown in China, one of its main markets. He said sales in more "mature" economies had also been disappointing. "This is Apple's darkest day during the Cook era," Wedbush Securities analyst Daniel Ives tells the Telegraph. "No one expected China to just fall off a cliff like this." (Apple has already lost its crown as the world's most valuable company.)

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