Apple blames China for lowering sales

In a surprise discovery, the iPhone manufacturer said it envisioned revenues of about 84 billion dollars per three months until December 29th.

In November, it predicted sales of up to $89 billion, predictions that disappointed investors. Apple's stock price dropped by 7% and has dropped to 28% since November.

The festive season is usually the strongest quarter of Apple. But the profits of the giant brand fell by at least 5% from the same period last year and represent the first quarterly decline since 2016.

In a letter to investors Wednesday, chief executive Tim Cook said the sales problems, the firm has mainly in its region of Great China, including Hong Kong and Taiwan, and accounts for almost 20% of its income.

“While waiting for some challenges in major emerging markets, we did not predict the size of economic slowdown, especially in China,” said Apple.