Apple stock tumbles after surprise announcement

Apple's stock dropped 7 percent after the company announced it expects to fall around $9 billion short of its revenue goals, largely due to sluggish sales in China.
1:18 | 01/03/19

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Transcript for Apple stock tumbles after surprise announcement
Now to that surprise announcement from apple that sent its stock tumbling. The company cutting its revenue expectation because of poor iPhone sales in China. Janai Norman is here with details on that. Good morning, janai. After markets closes Wednesday apple's stock dropped 7% wiping out an estimated $50 billion in value. The plunge came after an announcement from Tim cook that the company fell about $9 billion short of its revenue goals largely due to sluggish sales of the iPhone and iPad in China. One of its most important markets. Cook says some is because apple failed to anticipate the magnitude of their economic downturn but said it's worse because of rising trade tensions with the United States. Investors remain nervous ahead of the opening bell as apple and other tech stocks have taken a beating overnight in international markets. So is there any chance that they may lower their prices on the iPhone? Something we're all wondering. Analysts were hoping to see that as a potential reaction but sadly the answer is no. There's no concrete indication from the company that there are any plans to change current prices and incentives for customers. Two things apple is making easier, trading in a new phone and financing for its devices so there are two, you know, not too bad. I had to ask. Of course, of course, we're

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