Following weaker than expected iPhone sales, particularly in China, Apple has lowered its revenue projection for fiscal 2019 first quarter, which ended on December 29.
In a letter to investors, Apple CEO Tim Cook said that the company now expects revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.
The revenue shortfall was partly due to China's trade tensions with the US. The slowdown in the Chinese economy also impacted its revenue. Cook said that lower than anticipated iPhone revenue, primarily in China, accounts for all of Apple's revenue shortfall from its original projection.