Apple plunges up to 10% in stock market for its forecast of a cut in sales | Economy

Apple plunges up to 10% in stock market for its forecast of a cut in sales | Economy

Apple has suffered a blow on the stock market Thursday after the cut of its sales forecasts. The apple company has fallen by 10% in the opening of the stock market after last night alerted investors that sales in the third quarter will be lower than expected. Ad (profit warning) has caught the analysts by surprise, since it is a very unusual admission of the manufacturers of the iPhone and Mac, which chained significant progress quarter by quarter.

The actions of the company chaired by Tim Cook have softened their losses throughout the session. But before that, he had already unleashed fear on the World Stock Exchanges. The main European squares have been dyed of red dragged by the technological values, that fear that their sales in the Asian giant are resented.

Goldman Sachs said yesterday that it is likely that Apple will have to revise its earnings forecasts downwards in line with the evolution of the demand for its products in China in 2019. "Apple's forecast cut confirms our negative opinion in relation to to the demand in China, something that we have been observing since the end of September ", explained the analyst of the American bank Rod Hall. The Cupertino multinational has cut between 5.6% and 9.7% its previous sales expectations, which anticipated a range of revenues between 78,309 and 81,829 million euros.

Apple CEO Tim Cook has expressed in a letter to investors his concern about the trade tensions between China and the US, noting that the economic environment in the Asian giant "has been further affected by the growing commercial tensions with China." USA, "although he has underlined his confidence in the future of Apple's business in China.

"While we anticipate some difficulties in key emerging markets, we did not foresee the magnitude of the economic slowdown, particularly in China," Cook said in his letter, where he said that most of the deficit in revenues compared to forecasts, and 100% of the drop in sales worldwide, took place in China through the iPhone, Mac and iPad.

The analyst Felipe López-Gálvez explains that the cut in forecasts released Wednesday by the giant Apple, considered a true thermometer of consumption worldwide, has had a devastating effect on the entire technology sector. This announcement has penalized especially indexes like the Nasdaq or the DAX alermán (-1.55%), that yes has several companies of this profile like SAP, Infineon or Wirecard. "The reduction of Apple's profit prospects was what was missing for investors to realize that the slowdown in global growth is a fact," says López-Gálvez.

"On such a day, the Ibex can be pleased that the technology sector has hardly any representation of it, the Spanish selective has closed with a decrease of only -0.31% .The punishment suffered by the rest of the bags has been much more severe, "said López-Gálvez, an analyst at Self Bank.


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