"Apple earthquake" is battering European stocks

in #ua5 years ago


The first warning about Apple's sales in nearly 12 years pushed European stocks lower, Thursday, as the technology sector received particularly violent blows as chips maker stocks fell to a sharp drop in the iPhone maker.

The Stoxx 600 European index shed 0.9 percent, with weak data from the manufacturing sector in the United States fueled fears of slowing global growth.

Apple, listed in Frankfurt, tumbled 9.4 percent after the technology giant cut sales forecasts, citing a drop in iPhone sales in China, whose economy has been hit by a trade war with the United States.
The European technology sector index fell 4.2 percent, breaking just a few points from its worst daily performance since voting for Britain's exit from the European Union in a June 2016 referendum.
Apple's chip makers suffered the biggest losses, and AMMS, which provides the latest handsets with face recognition sensors, lost 23.1 percent of the stock on the Stokes index.

Among the biggest losers was ST Micro-Electronics, which fell 11.6 percent, while Dialog Semiconductors fell 9.7 percent and Logitech lost 5.8 percent.

shock
Apple has surprised shareholders with a message warning that revenue in the first quarter of the new year will be less than expected due to weak demand on iPhone phones.
The US company's announcement by CEO Tim Cook shocked financial institutions in America and the world, with Apple cutting its expected revenue for the first quarter of the new year by $ 5 billion from $ 93 billion.

Apple has lowered its forecast for weak medicine on iPhone phones in China because of strong offers from rivals there, a warning message to other technology companies that rely heavily on China.

In September, Apple launched the cheaper iPhone XS and iPhone XR phones to offset the successive losses in the smartphone sector for both Huawei and Samsung, but that did not work.

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