Apple lowers revenue guidance; cites "fewer iPhone upgrades" and China

The 2018 iPhone lineup

After months of reports and speculation, Apple has today lowered its revenue guidance for the previous quarter citing “fewer iPhone upgrades” than initially anticipated.

In a letter to investors published earlier today, Tim Cook announced that Apple now expects revenue of approximatively $84 billion for the fourth quarter of 2018 (fiscal Q1 2019). Previously, the Cupertino giant estimated earnings of between $89 billion and $93 billion for the period.

As expected, the weaker performance ...