(Bob Bryan – Business Insider)
Apple CEO Tim Cook laid some of the blame for the company’s shock revenue guidance downgrade on the trade war between the US and China.
In an interview with CNBC on Wednesday, Cook said tariffs imposed by the US and China on products from the opposite country contributed to an economic slowdown in China. The Chinese economic slowdown in turn decreases retail sales in the country and hurt Apple’s overall business.
“And what I believe to be the case is the trade tensions between the United States and China put additional pressure on their economy,” Cook said. “So we saw as the quarter went on things like traffic in our retail stores, traffic in our channel partner stores, the reports of the smartphone industry contracting, particularly bad in November. I haven’t seen a December number yet, but I’d bet it would not be good either.” Click here to read more.
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