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Apple Shares Take Huge Hit After Rare Warning
(Reuters) - Apple Inc shares fell as much as 9 percent in early trading after the iPhone maker blamed weak China demand for its revenue shortfall in the holiday quarter, a clear sign of the company’s struggles in the world’s largest smartphone market.
The rare revenue warning - the company’s first in nearly 12 years - sent shockwaves through global financial markets with chipmakers that supply to Apple being the hardest hit.
In a rare move on Wednesday, issued a warning on its quarterly revenue guidance amid slowing iPhone sales in China and a litany of other issues. The announcement slammed shares, sending them down more..
According to Reuters, Wall Street sank 2 percent on Thursday as weak U.S. factory data and the fallout of a rare sales warning from Apple Inc fanned fears of slowing growth and spurred the latest leg..