Apple Shares Drop Following Letter to Investors Blaming Weak Demand in China

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Apple Inc. shares fell nearly 10 percent by market close on Jan. 3, following a press release issued by CEO Tim Cook after market close the previous day. Cook blamed weak demand in China for Apple falling short of its revenue estimate last quarter.

The press release unsettled global financial markets and hurt shares of tech companies that supply Apple.

Jeremy Sandberg
Jeremy Sandberg
reporter
Jeremy Sandberg is a New York based reporter originally from British Columbia, Canada. He focuses on Wall Street and other business news.
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