This is what I found on Bloomberg:
Anyone looking for an upbeat forecast from Apple Inc. is likely to be disappointed when the company reports results later on Tuesday.
The company is set to report its first holiday quarter sales decline since the iPhone launched, and analysts are predicting revenue will keep shrinking in the current quarter.
In early January, Chief Executive Officer Tim Cook forecast holiday quarter revenue of $84 billion, well below an initial forecast of between $89 billion and $93 billion. He blamed the miss on lower-than-expected iPhone sales, particularly due to an economic slowdown in China.
Cook and Chief Financial Officer Luca Maestri will take questions about Apple’s recent struggles during a conference call later on Tuesday. The stock rose 0.4 percent at 9:41 a.m. in New York.
China, the world’s second-largest economy, recently revealed the slowest expansion since 2009, and is locked in a bruising trade war with the U.S. Apple gets about a fifth of its sales from Greater China, and iPhones are assembled there.
Chipmaker Nvidia Corp. added to concern about the China technology market on Monday when it cut its outlook for sales in the quarter ending in January. Deteriorating economic conditions, particularly in China, hurt demand for Nvidia’s gaming processors, while data-center revenue also missed expectations.
For Apple, the slowdown is expected to continue with fiscal second-quarter revenue of $59 billion, according to analyst estimate data compiled by Bloomberg. That would be a year-over-year decline of about 4 percent.
Information provided by Bloomberg.
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