iPhone maker Apple has cut its revenue forecast for the first time in the past 16 years. The world’s most valuable company Thursday announced to cut its revenue forecast for the first quarter of 2019 to $84 billion from the earlier estimate of $89-$93 billion, owing to a steep fall in sales in China – the third largest market across the world for the company. For decline in growth, Apple CEO Tim Cook has blamed the slowdown in China, apart from slowing iPhone demand in many nations as well as supply constraints.
In November, Tim Cook said that the company is facing challenges in India.
“It remains to be seen how seriously Apple invests itself in India. Even now, Apple is looking at using India as an export hub only, and not as an attractive market,” said Prabhu Ram, Head-Industry Intelligence Group at CyberMedia Research (CMR).