Apple stock tumbles 2% on tepid Q4 revenue forecast amid intense competition in China market
Apple Inc., heading into its most critical sales period of the year, sparked fresh concerns about revenue growth and lingering weakness in an intensely competitive Chinese market. Following the company’s quarterly earnings report, Apple said that sales in the December period will rise by a percentage in the low-to-middle single digits. Analysts had been projecting a seven per cent increase.
The company also posted a decline in China revenue last quarter, falling short of estimates. The broader picture shows a company still trying to rebound from one of the longest sales slumps in its history. Revenue had declined four straight quarters in fiscal 2023 and only returned solidly in the past two quarters.