Weaker demand for the iPhone in China is being blamed for Apple missing targets, Apple loses a whole lot of money and people are already gearing up for CES.
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First up from LinkedIn: On Wednesday it was announced that Apple would majorly miss its revenue targets for the first quarter of 2019. And some sources are calling this a telling sign for the Chinese economy. This is the first time in 16 years that Apple has reduced its revenue expectations. This is thanks in part to poor iPhone sales, as well as Mac and iPad sales, most notably in China. China is Apple’s third largest market and is home to many of the company’s suppliers. It has been showing signs of a slowing economy with fewer factory orders, dropping car sales, unsold apartments and of course fewer iPhones sales. An economist quoted in a The New York Times report states, “the iPhone is something that everyone knows and buys, and if people aren’t buying it then that’s a pretty good sign they’re having a hard time.”
Continuing with the Apple saga, trending on Reddit: The company has lost $446 billion in market value in only three months. Tim Cook announced the revenue adjustment in an open letter to investors Wednesday stating that Apple’s revenue for the first quarter of 2019 will be approximately $84 billion, which is down from the $93 billion predicted in November. Then thanks to that announcement Apple lost tens of billions of dollars on Thursday alone. To put the company’s three-month losses in perspective $446 billion is the equivalent to losing a Facebook, that number is also three times the size of McDonald’s, and five times the size of Costco!
Finally from Google Trends: CES is already trending. The annual consumer electronics trade show held in Las Vegas begins next week and people are already anticipating the cool new tech that will be on display, from drones to foldable phones, toilets that are smart and apparently a climbing ‘car’ from Hyundai. Our team at IT World Canada will be at CES and ready to share all the coolest things including from Dell and Intel…you’ll want to hear about so make sure to check back next week for extensive CES coverage on itworldcanada.ca.