Big news from Apple just sparked the latest stock market selloff… sending the S&P 500 to the brink of a 20% “Bear Market” plunge.
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Last night, Apple (NASDAQ: AAPL) dropped a bombshell on investors…
The company lowered its financial guidance – for the first time in 15 years!
This morning, Apple shares are plunging 8.9%… And the stock is sparking a huge 2% drop for the NASDAQ Composite.
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Apple just told investors to expect slower sales and lower profits for the latest quarter ending Dec. 31.
The company now expects sales of $84 billion. That’s a huge drop from previous guidance calling for $89 – $93 billion.
Why the drop?
CEO Tim Cook commented…
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China.”
He went on to explain that China was 100% responsible for Apple’s declining sales of the iPhone, iPad and Mac products.
China has recently generated 18% of Apple global sales.
Apple offers an outstanding product at a premium price. And it sounds like consumers in the U.S. and Europe have been willing to pay more for their iPhones and iPads after Apple started raising prices.
However, it’s a different story in emerging markets like China.
China is already seeing the slowest economic growth in decades. Government reform has meant fewer stimulus dollars to support the economy.
Plus, growing trade tensions with the U.S. are hurting China’s economy.
For companies like Apple – that generate nearly one-fifth of their sales from China – that’s a problem.
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Last month, we heard a similar story from FedEx (NYSE: FDX). The global shipping company reported strong results in the U.S. but unexpected weakness in Asia and Europe.
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