Apple revises financial guidance due to falling iPhone sales


CNBC:

Apple lowered revenue guidance to $84 billion, down from the $89 to $93 billion it had previously projected. The company lowered gross margin to about 38 percent from between 38 percent and 38.5 percent.

Apple blamed a variety of factors for the lowered guidance, including a weakening economy in China and lower-than-expected iPhone revenue. Apple said the lower-than-anticipated revenue happened "primarily in Greater China," but also said that upgrades to new iPhone models in other countries were "not as strong as we thought they would be."

It will be interesting to see how sales of other smartphones compare. It will be difficult to compare year over year sales due to different upgrade cycles, but something to watch will be whether this is related to Apple product lineup or an industry-wide situation.