Tim Cook said that Apple’s revenue would be 10 per cent lower than forecast in November ROBERT GALBRAITH/REUTERSApple blamed President Trump’s trade war with China for prompting a slump in iPhone sales as the company shocked Wall Street last night with a sharp cut to its financial forecasts. The warning came after a key recession indicator in the US flashed red for the first time in a decade and further signs of a global slowdown emerged. Apple, which is one of the world’s largest companies with a valuation of about $750 billion, makes nearly two thirds of its money from iPhones. Its shares fell by 8 per cent last night, knocking $60 billion off its value. Tim Cook, the chief executive, said that Apple’s revenue for this quarter would be nearly 10 per cent less than the company’s forecast in November.

Source: The Times January 03, 2019 00:45 UTC