The company also prepared investors for more moderate growth, saying it expected second-quarter revenue of $50 billion to $53 billion. The average analyst estimate had been for $55.61 billion, according to StreetAccount.
Apple’s leadership said something negative about once every two minutes during Tuesday night’s investor conference call, by Munster’s calculation.
“That aggressiveness in how negative they are about the future has really stung investors today, and made them question whether the June numbers are now at risk,” Munster said.
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The real game changer was Apple’s commentary around China, FBR Capital Markets analyst Daniel Ives said Wednesday. Ives reduced his price target on shares of Apple to $130 from $185.
Apple began to see “some signs of economic softness” in its Greater China region earlier this month, according to Cook. More than 24 percent of Apple’s fourth-quarter revenue — $12.52 billion of $51.50 billion — came from Greater China.
“You’ve got to take off the rose-colored glasses,” Ives told CNBC’s”Squawk Box.” “This was definitely a bit of a gut punch for the bulls.”