Apple Cuts Holiday Sales Forecast on iPhone and China Weakness; Stock Falls 8%

(From MarketWatch)

The tech giant, which became the only public U.S. company to reach a $1 trillion valuation last year before a fourth-quarter collapse for its shares, confirmed the fears that led to the stock decline by lowering its forecast Wednesday afternoon. In a letter to shareholders, Chief Executive Tim Cook said that Apple will report much lower sales than previously expected, largely due to slowing iPhone sales and pressure in China.

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