Yahoo Finance Apple shares stop trading ahead of bad financial news
New year, new you. Or, in the case of Apple, new drastically reduced revenue projections for the first quarter of 2019 — leading to a temporary pause in the trading of Apple stock.
In a Jan. 2 letter to investors, Apple CEO Tim Cook explained that things aren't exactly going as the company had hoped. Specifically, it expects to rake in a smaller pile of cash, and says that the Chinese market is partly to blame.
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"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," writes Cook. "In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad."
Also, maybe iPhones are too expensive now? Just a thought.
Trading is expected to resume later today.
The entire letter can be read below.
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