iPhone sales are being affected by the decline of Chinese economy

In a surprise announcement, the iPhone manufacturer said the company's revenues for the past three months -- by December 29th -- were 84 billion dollars.

In November, he had predicted at least $89 billion in revenue - a prediction that had disappointed investors even at that time.

Apple shares lost more than 7 percent in the stock exchange after the announcement.

The festive season is usually the most profitable quarter for Apple. However, $84 billion in income marks a decline of almost 5 percent compared with the same period last year, representing the company's most visible decline since 2016.

In a letter to investors, executive director Tim Cook said the company's sales problems were mainly linked to the Big China region, which includes Hong Kong and Taiwan, which usually guarantees about 20 percent of Apple's income.

“While we have addressed some challenges in key markets, we couldn't predict the magnitude of the economic downturn, especially in large China”, Cook said.

However, Cook added that developed markets have also known problems, as fewer consumers are expected to buy new phones.