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AAPL Opens at $144, Sliding Nearly 10% After Major Revenue Cut and Down 35% Since Early November

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AAPL has opened at $144 today on the stock market, with share prices sliding roughly nine percent after Apple lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year.

aapl jan 3 2019
AAPL is down just over 35 percent since closing at $222.22 on November 1, just prior to its last earnings report.

In a letter to shareholders on Wednesday, Apple disclosed that its revenue will be lower than its original guidance for the first quarter of its 2019 fiscal year, coming in at approximately $84 billion. Apple originally guided for revenue of $89 billion to $93 billion in the quarter on November 1.

The letter said lower than anticipated iPhone revenue, primarily in Greater China, accounts for the entire revenue shortfall.

In an internal memo, Apple CEO Tim Cook said he will host an all-hands meeting with employees today at 9:30 a.m. Pacific Time at Apple's Town Hall auditorium on its Infinite Loop campus to answer questions about the shortfall.

AAPL was already dragged down by Apple's recent announcement that it will no longer disclose iPhone, iPad, and Mac unit sales starting with its next quarterly earnings report. The move sparked fears among some investors and analysts that Apple had something to hide, particularly regarding slowing iPhone sales.

Apple yesterday announced that it will report its earnings for the first quarter of its 2019 fiscal year on January 29.

Tag: AAPL

Top Rated Comments

asdavis10 Avatar
asdavis10
95 months ago
Honestly, Apple needed this kick in the rear. The market has spoken about the pricing of Apple's products (in relation to features). Time to innovate again and sell products at reasonable prices.
Score: 83 Votes (Like | Disagree)
hawkeye_a Avatar
hawkeye_a
95 months ago
I think Steve's inertia is starting to wear off.
This.

I'm surprised it lasted as long as it did. Tim Cook's Apple, is not the Apple I used to care about, that's for sure.
Score: 57 Votes (Like | Disagree)
jjhny Avatar
jjhny
95 months ago
I think Steve's inertia is starting to wear off. Tim would have been good until they found someone with vision to take over. Tim is a visionless, platitude machine.
Score: 53 Votes (Like | Disagree)
U
UKPoliticsGuy
95 months ago
Who will be Apple's CEO this time next year?

Hopefully not Tim.
Score: 44 Votes (Like | Disagree)
Kanyay Avatar
Kanyay
95 months ago
this dropped harder than my last mixtape.
Score: 38 Votes (Like | Disagree)
Pangalactic Avatar
Pangalactic
95 months ago
Don't forget that it was under his leadership that the stock hit its all time high
Doesn't take a genius to rake in short-term profits, any bad CEO can do that. Checklist:

1) Abandon quality control (butterfly keyboards, kernel panics, blown out speakers) => more money
2) Focus on the single money-making product, abandon all else (Mac Pro? Who needs it) => more money
3) Replace innovation with "innovation" (no more SD card slots! Our lives are so much better now) => more money
4) Rebrand products and sell them twice (Macbook air is literally a MBP with a different shape and worse components) => more money
5) Forgot to mention the best part - just ramp up the prices! => more money

Aaaand now the stock is (predictably) falling down and Timmy is crying tears as for some unknown reason the consumers don't want to buy $2000 phones and $3000 laptops.
Score: 30 Votes (Like | Disagree)
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