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Shares plummet following Apple’s profit warning, blamed on China, lower iPhone sales and cut-price battery replacements

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After Apple issued a profit warning, indicating that it believed first quarter revenue will be lower than previously expected, shares in the company dropped by as much as 9 percent in early trading, and the effects were felt by other companies as fear mounted that Apple’s troubles could spread wider. Tim Cook issued a letter to shareholders, warning that “our revenue will be lower than our original guidance for the quarter”. He cites a number of reasons for the revised figures, including the timing of iPhone sales, the strength of the dollar, market saturation, and lower than expected numbers of… …Continue reading on BetaNews

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