New York (CNN Business) Apple is one of the most powerful tech companies on the planet. In a letter to investors Wednesday, CEO Tim Cook explained that Apple is grappling with several issues, many related to China. It's the first time since 2002 that Apple issued a reduction in its quarterly revenue forecast. Weak salesApple blamed bad sales numbers in China as a big reason why it had to revise its forecast. In his letter, Cook said that more than 100% of the company's worldwide revenue decline was in China for sales of iPhones, Macs and iPads.

Source: CNN January 03, 2019 15:11 UTC