Apple's Beats brand in April unveiled the Powerbeats Pro, a redesigned wire-free version of its popular fitness-oriented Powerbeats earbuds.
AAPL Opens at $144, Sliding Nearly 10% After Major Revenue Cut and Down 35% Since Early November
AAPL has opened at $144 today on the stock market, with share prices sliding roughly nine percent after Apple lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year.
AAPL is down just over 35 percent since closing at $222.22 on November 1, just prior to its last earnings report.
In a letter to shareholders on Wednesday, Apple disclosed that its revenue will be lower than its original guidance for the first quarter of its 2019 fiscal year, coming in at approximately $84 billion. Apple originally guided for revenue of $89 billion to $93 billion in the quarter on November 1.
The letter said lower than anticipated iPhone revenue, primarily in Greater China, accounts for the entire revenue shortfall.
In an internal memo, Apple CEO Tim Cook said he will host an all-hands meeting with employees today at 9:30 a.m. Pacific Time at Apple's Town Hall auditorium on its Infinite Loop campus to answer questions about the shortfall.
AAPL was already dragged down by Apple's recent announcement that it will no longer disclose iPhone, iPad, and Mac unit sales starting with its next quarterly earnings report. The move sparked fears among some investors and analysts that Apple had something to hide, particularly regarding slowing iPhone sales.
Apple yesterday announced that it will report its earnings for the first quarter of its 2019 fiscal year on January 29.
AAPL is down just over 35 percent since closing at $222.22 on November 1, just prior to its last earnings report.
In a letter to shareholders on Wednesday, Apple disclosed that its revenue will be lower than its original guidance for the first quarter of its 2019 fiscal year, coming in at approximately $84 billion. Apple originally guided for revenue of $89 billion to $93 billion in the quarter on November 1.
The letter said lower than anticipated iPhone revenue, primarily in Greater China, accounts for the entire revenue shortfall.
In an internal memo, Apple CEO Tim Cook said he will host an all-hands meeting with employees today at 9:30 a.m. Pacific Time at Apple's Town Hall auditorium on its Infinite Loop campus to answer questions about the shortfall.
AAPL was already dragged down by Apple's recent announcement that it will no longer disclose iPhone, iPad, and Mac unit sales starting with its next quarterly earnings report. The move sparked fears among some investors and analysts that Apple had something to hide, particularly regarding slowing iPhone sales.
Apple yesterday announced that it will report its earnings for the first quarter of its 2019 fiscal year on January 29.
Tag: AAPL
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9 months ago
Honestly, Apple needed this kick in the rear. The market has spoken about the pricing of Apple's products (in relation to features). Time to innovate again and sell products at reasonable prices.
9 months ago
I think Steve's inertia is starting to wear off.
This.
I'm surprised it lasted as long as it did. Tim Cook's Apple, is not the Apple I used to care about, that's for sure.
9 months ago
I think Steve's inertia is starting to wear off. Tim would have been good until they found someone with vision to take over. Tim is a visionless, platitude machine.
9 months ago
Don't forget that it was under his leadership that the stock hit its all time high
Doesn't take a genius to rake in short-term profits, any bad CEO can do that. Checklist:
1) Abandon quality control (butterfly keyboards, kernel panics, blown out speakers) => more money
2) Focus on the single money-making product, abandon all else (Mac Pro? Who needs it) => more money
3) Replace innovation with "innovation" (no more SD card slots! Our lives are so much better now) => more money
4) Rebrand products and sell them twice (Macbook air is literally a MBP with a different shape and worse components) => more money
5) Forgot to mention the best part - just ramp up the prices! => more money
Aaaand now the stock is (predictably) falling down and Timmy is crying tears as for some unknown reason the consumers don't want to buy $2000 phones and $3000 laptops.
9 months ago
Taking 2 years to make a Mac Pro is a bit silly. Apple needed a dose of reality, and needs to be a bit more competitive both on price and features. I actually thought the new lineup of phones was pretty compelling, but I think they missed it by about 10% on pricing. Products like new AirPods and the powermat thingy really should be out.
The Mac Pro debacle really is mind numbing. The fact that they’re taking so long to design a desktop box (that does not have to be lightweight, that does not need to be razor thin, that does not need to be some weirdo geometry that only fits bespoke non-replaceable parts) tells me that Ive & Co. are off on some stupid boondoggle again.
Meanwhile, the pro market moved on, and invested in other architectures. And when Apple finally gets something out and it fails to sell, they’ll act like the pro market just doesn’t exist anymore.
I remember when Apple had a proud legacy in the high performance computing sphere They consciously and deliberately ceded that to others.
9 months ago
Come on, we have the first openly gay CEO, that's important! Go Tim! Diversity and inclusion.
9 months ago
I’d be buying shares here.
Apple didn’t buy back many shares in calendar Q4. Get all the bad news out and start buying back stock hard. They have $71B left in their buyback authorization from May 2018.
The numbers didn’t look that bad in other areas:
19% non iPhone business growth.
25% services growth.
50% wearables growth.
Double digit iPad growth.
Record iPhone revenues in US, Canada, Germany.
This is an iPhone in China story. They will have to fix that, but the world isn’t ending at Apple.
Apple didn’t buy back many shares in calendar Q4. Get all the bad news out and start buying back stock hard. They have $71B left in their buyback authorization from May 2018.
The numbers didn’t look that bad in other areas:
19% non iPhone business growth.
25% services growth.
50% wearables growth.
Double digit iPad growth.
Record iPhone revenues in US, Canada, Germany.
This is an iPhone in China story. They will have to fix that, but the world isn’t ending at Apple.
9 months ago
August: Apple becomes first trillion-dollar company. December: $AAPL market cap overtaken by both Amazon and Microsoft. Today: Apple is now worth less than Alphabet, as it heads for its biggest one-day stock drop in five years.
Hopefully a much needed wake up call for Apple. They need to innovate again and stop just increasing prices.
Hopefully a much needed wake up call for Apple. They need to innovate again and stop just increasing prices.
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