Apple shares suffer worst week of 2019 as investors fear China trade turmoil threatens iPhone growth.
div > div.group > p:first-child"> Apple's stock fell 6.9% over the last five days, in its worst week of trading in 2019. The stock's drop began when President Donald Trump declared he would increased tariffs on $200 billion of Chinese goods to 25%. As that hike went into place overnight, analysts at UBS and Morgan Stanley pointed to Apple's revenue from China as a continued risk facing the tech giant, especially regarding iPhone sales.
Cook warned in January that a weakening economy in China would hit Apple financially. The company lowered its 2019 revenue forecast accordingly to $84 billion. Apple blamed a variety of factors for the lowered guidance but especially focused on slowing revenue"primarily in Greater China," saying getting overseas customers to upgrade to newer iPhones was"not as strong" as Apple expected.
"I believe that the trade relationship — I don't mean the tariff, I mean the tone — is much better today than it was in the November-December time frame. That affects consumer confidence in a positive way," Cook said on April 30."China still accounts for high-teens percent of revenue and profit" for Apple, UBS said.
"Apple has one of the most significant exposures to Chinese exports to the US" among technology companies, Morgan Stanley said in a note.
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