03.01.2019 20:31:54

Apple Climbs Off Worst Levels But Remains Sharply Lower

(RTTNews) - After gapping open sharply lower, shares of Apple Inc. (AAPL) have climbed off their worst levels of the day but continue to see significant weakness in afternoon trading on Thursday. Apple is currently down by 8.9 percent after hitting its lowest intraday level in well over a year.

The initial sell-off by Apple came after the tech giant downwardly revised its guidance for its fiscal first quarter.

In a letter to investors, Apple CEO Tim Cook said the company now expects fiscal first quarter revenue of approximately $84 billion compared to its previous forecast for revenue of $89 to $93 billion.

Cook attributed the lower guidance to a significantly greater than expected impact from economic weakness in some emerging markets.

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