In a quite unprecedented move for the world's most profitable phone maker, Apple has just revised its forecast for its traditionally strong Holiday quarter, cutting its expectations for revenue by as much as $9 billion.
Apple CEO Tim Cook shared the news with investors first in a letter that you must have already seen. The gist of it is that Apple has sold less iPhones than expected and the biggest reason for the slow-down in iPhone sales is the Chinese market which is affected by a macroeconomic slowdown and the recent trade scuffle championed by President Trump.
To shed some light on the situation and calm down the ones who are worried about the future of the company, Tim Cook sat for an interview with CNBC to talk more about the challenges for the company.
Summarizing the interview, we can say that Cook remains optimistic for the Chinese market and has its focus on doing everything that Apple can do grow sales, including the much talked-about global trade-in program and other initiatives to offset the high initial cost of an iPhone. Cook also stressed that Apple has an incredibly healthy services business and many of its latest products are supply constrained, which means there is a lot of consumer interest. And yes, Cook once again mentions the battery replacement program as a reason why fewer people bought new iPhones, which we found particularly sad, as probably having people use their current phone for a longer period of time should instead be something that Apple is proud of, rather than apologetic about.
Check out the whole interview right below and feel free to share your thoughts in the comments section.