Apples rare sales warning sparks iPhone fatigue fears

first_imgAngela Lang/CNET Apple’s new lineup of iPhones didn’t have a happy holiday. And a rare sales forecast slash may bode poorly for the rest of the year.In a letter to investors on Wednesday, Apple CEO Tim Cook warned that the company’s fiscal first-quarter revenue would be weaker than previously expected. It now sees sales of $84 billion, well below the range of $89 billion to $94 billion that it forecast in November. Its gross margin is now expected to be approximately 38 percent, a tick below the range of 38 percent to 38.5 percent range it previously forecast, suggesting a shift to lower-priced, less profitable products.A warning from Apple, one of the most valuable and profitable companies in the world, is a rare occurrence that hasn’t happened in at least 15 years. The weaker holiday season — a critical period in which most of Apple’s iPhones are sold — will fan growing belief that the company is struggling with consumer fatigue for its popular smartphone and that sales may be on a downward slide. The company raised a red flag in November when it said it would stop disclosing how many units it sells each quarter. “iPhone units are likely down, and I believe prices on the more premium, higher-priced phones are down due to holiday discounting,” said Patrick Moorhead, an analyst at Moor Insights. The warning prompted concerns similar to those Apple endured more than a decade ago, when it missed its fiscal fourth-quarter numbers amid an economic downturn. Then-CEO Steve Jobs broke his practice of skipping analyst calls in order to quell investor fear, reiterating that Apple would be fine. (He was right.)That hasn’t stopped detractors from jumping on the warning. On Wednesday, law firm Bernstein Liebhard said it was investigating whether Apple mislead investors and committed securities fraud. An Apple spokesman wasn’t immediately available to comment on the law firm’s actions.Apple shares fell 7 percent to $147 in trading after the market close on Wednesday. On Thursday morning, shares fell another 9.5 percent to $142.88, before rebounding 1.6 percent to $144.52 in early Friday trading.Blame ChinaThis time, the economic downturn isn’t in the US. Cook blamed much of the shortfall on China, where the company underestimated a decelerating economy. The company saw a decline in sales of iPhones, Macs and iPads in the country.Cook cited macro factors like trade friction between the US and China, the world’s two biggest economies.”We believe the economic environment in China has been further impacted by rising trade tensions with the United States,” Cook said. See It $999 CNET may get a commission from retail offers. Aug 31 • Your phone screen is gross. Here’s how to clean it Apple Aug 31 • iPhone XR vs. iPhone 8 Plus: Which iPhone should you buy? 7:35 See All Comments See It Apple iPhone XS What to expect from Apple in 2019 $999 Beyond demand in China, Cook also blamed a decrease in carrier subsidies, price increases in foreign markets caused by a strong US dollar and customers taking advantage of cheaper battery replacements. Cook pointed the finger as well at a slowing smartphone market, which has taken a toll on other big players, like Samsung. But Avi Greengart, an analyst at Global Data, says Apple’s not taking into account the rise of players like China’s Huawei, the second-largest phone maker in the world. Or Oppo, which owns the hot upstart player OnePlus. “Apple does have a strong franchise in China, but it is not immune from competition,” Greengart said.In an interview with CNBC, Cook said a host of new products introduced in the quarter contributed to the sales miss.”We had an unprecedented number of new products during the quarter. We had new watches, we had new iPad Pros,” Cook told the financial network. “Both of these were constrained for all or most of the quarter.”Still, he remains bullish.”We had sort of a collection of items going on.” Cook told CNBC. “Some that are macroeconomic and some that are Apple-specific. And we’re not going to sit around waiting for the macro to change — I hope that it does and I’m actually optimistic — but we’re going to focus really deeply on the things we can control.”Questions about demandApple was already facing questions about demand for its next lineup of iPhones. In the latter months of 2018, Apple introduced the iPhone XS and iPhone XS Max, which offered modest upgrades like a faster processor and, in the case of the Max, a big size increase. The other new product was the lower-priced iPhone XR, which came in different colors and cost less than the iPhone XS because of its cheaper components. Addressing concerns that the new iPhones weren’t selling well, Apple said the iPhone XR has been its top-selling iPhone since its launch, which came a month after that of the iPhone XS and iPhone XS Max. But the iPhone XR sits in an awkward position. It doesn’t have the latest and greatest specs to satisfy the hardcore Apple fanboy, but at $750, it is still an expensive upgrade for consumers used to a baseline $650 for a new iPhone. In the meantime, Apple’s older iPhone 7 and iPhone 8 models remain available for consumers who don’t want to break the bank for a new smartphone. Apple has been shifting its strategy so it’s less reliant on the iPhone and generating more of its revenue from services like iTunes, the App Store and its upcoming streaming video service. “The services business will have a longer impact than hardware sales,” said Carolina Milanesi, an analyst at Creative Strategies.First published Jan. 2 at 1:42 p.m. PT. Update 1:57 p.m.: To include further detailsUpdate 2:14 p.m.: To include further details, stock market price and background.Update 2:55 p.m.: To include analyst comments.Update 3:10 p.m.: To include further comment from Tim Cook from a CNBC interview.Update 4:40 p.m.: To include more Tim Cook comments.Update Jan. 3 at 6:40 a.m.: To include a new stock quote and analyst comment.Update Jan. 4 at 6:42 a.m.: To include new stock quote and detail about law firm investigation. Apple: See what’s up with the tech giant as it releases new iPhones and more.Does the Mac still matter? Apple execs explain why the MacBook Pro was over four years in the making, and why we should care. Now playing: Watch this: Tags Aug 31 • Best places to sell your used electronics in 2019 See it Review • iPhone XS review, updated: A few luxury upgrades over the XR Boost Mobile $999 $999 See It Sep 1 • iPhone 11, Apple Watch 5 and more: The final rumors Share your voice reading • Apple’s rare sales warning sparks iPhone fatigue fears • Mentioned Above Apple iPhone XS (64GB, space gray) Phones 77 Sprint Best Buy Preview • iPhone XS is the new $1,000 iPhone X Applelast_img read more

BSE Sensex Falls for Third Straight Session

first_imgThe BSE Sensex fell yet again on Monday as the country’s financial sectors like banking have been hit. Earning worries also hit the technology stocks, leading to fall of stocks for a third straight session.When the BSE Sensex closed on Monday, the main 30-share BSE index fell 1.1 percent to 17,273.37 points, its lowest close since March 7. The 50-share Nifty index lost 1.1 percent to 5,257.05 points.The move of the Reserve Bank of India to keep the interest rates on hold and the release of the government’s fiscal 2012/13 budget affected the shares.State Bank of India lost 3.2 percent and Union Bank of India fell by more than 5 percent. Housing Development and Infrastructure lost 7.5 percent, Unitech lost 5.6 percent, Tata Consultancy Services lost 4.1 percent and real estate firms have been hit hard too.last_img read more

BSE closes points 5646 down on April 28

first_imgBSE closes points 56.46 down on April 28375 views00:00 / 00:00- 00:00:0000:00BSE closes points 56.46 down on April 28375 viewsBusinessNew Delhi, April 28 (ANI): Trading at the Bombay Stock Exchange today closed 56.46 points down to stand at 22,631.61. At the National Stock Exchange the Nifty closed 21.50 points down to stand at 6,761.25. UPL and JP infratec were among the top gainers of Group A with an increase of 20.18% and 13.83% along with Jain Irrigation and Wockhardt with an increase of 13.52% and 11.73% respectively, while the top losers of Group A include Shriram City University and Ambuja Cements with a decrease of 5.24% and 4.23% along with Shriram Transport and LIC Housing Finance with a decrease of 3.46% and 3.11% at the close of the markets. The Auto sector is down 132.47 points at 13,483.49 while the banking sector is up 53.94 points at 14,964.24 and the realty sector is up 8.46 points at 1,480.63. The Indian currency is up 0.02% at Rs 60.59 per dollar.Ventuno Web Player 4.50New Delhi, April 28 (ANI): Trading at the Bombay Stock Exchange today closed 56.46 points down to stand at 22,631.61. At the National Stock Exchange the Nifty closed 21.50 points down to stand at 6,761.25. UPL and JP infratec were among the top gainers of Group A with an increase of 20.18% and 13.83% along with Jain Irrigation and Wockhardt with an increase of 13.52% and 11.73% respectively, while the top losers of Group A include Shriram City University and Ambuja Cements with a decrease of 5.24% and 4.23% along with Shriram Transport and LIC Housing Finance with a decrease of 3.46% and 3.11% at the close of the markets. The Auto sector is down 132.47 points at 13,483.49 while the banking sector is up 53.94 points at 14,964.24 and the realty sector is up 8.46 points at 1,480.63. The Indian currency is up 0.02% at Rs 60.59 per dollar.last_img read more

Kerala girl among 13 class 10 students to score 499500 in CBSE

first_imgIndian school children prepare for their Central Board of Secondary Education (CBSE)Raveendran/AFP/Getty ImagesThe much-awaited results of CBSE class 10 exams were announced on Tuesday. Over 91 per cent students passed this year’s examination and 13 students scored 499 out of 500 marks. One among them is Bhavana, who hails from Kerala’s Palakkad district and is a student of Lions School in Koppam.Interestingly, two other students from Kerala – Atheena Elsa Roy from Silver Hills Public School in Kozhikode and Sirinsa Xavier from Vimal Jyothi Central School in Thrissur – scored 498 marks each.The regions in India with the highest winning percentage are Thiruvananthapuram (99.85), Chennai (99) and Ajmer (95.89).Union HRD Minister Prakash Javedekar congratulated all the students who passed the examination and revealed that government schools have also fared well this time.The CBSE class 10 examinations were conducted from February 21 to March 29. As per reports, more than 18 lakh students appeared for this year’s examination. The valuation process was conducted in a very meticulous manner, and CBSE successfully revealed the results within 38 days after the completion of the examination.In the meantime, the Kerala Board of Secondary Education also released the SSLC results on Tuesday. Over 98 per cent students passed this year’s examination and 37,334 scored full A+ grades in all subjects.Pathanamthitta district in Kerala recorded the best performance with 99.3 per cent students passing the exam.last_img read more

Hurricane Barbara close to Category 5 intensity storm likely to weaken near

first_imgHurricane BarbaraNHC Eastern Pacific/TwitterA major category 4 storm, Hurricane Barbara, that swept across the Eastern Pacific region has now teetered towards category 5 hurricane. Barbara is likely to weaken on its way to Hawaii from Thursday, July 7.US National Hurricane Centre said the storm sustained winds of 145 mph on Wednesday. The maximum speed reached 155, just 2 mph below falling into Category 5 intensity bracket. Category 5 hurricanes are the most powerful tropical storms on the Saffir–Simpson Hurricane Scale.Watch as #HurricaneBarbara develops an eye in this #GOESWest loop from July 2, 2019. While Barbara remains a Cat. 4 hurricane, gradual weakening is expected throughout the day. More imagery: https://t.co/vJU1Ct5MKl pic.twitter.com/yiY6YRWqA5— NOAA Satellites (@NOAASatellites) July 3, 2019The storm was initially located 1,925 miles east of Hilo, Hawaii, and was moving west-northwest at 10 mph, according to CBS reports.The forecast track shows that while the hurricane remained a major intensity of Category 3 till Wednesday, the intensity will decrease in the future due to the warm temperature of Hawaiian waters. The regional temperature, reported Accuweather, does not allow a tropical storm to sustain in the current weather.Newly formed Hurricane Barbara in the Eastern Pacific Basin is no threat to land, at this time. Barbara is expected to become a major hurricane on Tuesday. pic.twitter.com/LOeLNs8tIo— National Weather Service (@NWS) July 2, 2019Accuweather has predicted that Barbara is likely to bring showers and thunderstorms to parts of Hawaii from Monday night to Wednesday of next week.last_img read more

Warren Williamson among candidates at historic Native American presidential forum

first_img We are not all the same, and in our difference we are divine August 30, 2019 Share This! Share This! Instagram apostasy stirs controversy over Christian ‘influencers’ August 30, 2019 By: Emily McFarlan Miller emmillerwrites Facebook Twitter Pinterest LinkedIn ReddIt Email Columns • Opinion • Simran Jeet Singh: Articles of Faith Share This! By: Jack Jenkins jackmjenkins Share This! By: Jack Jenkins jackmjenkins Emily McFarlan Miller Emily McFarlan Miller is a national reporter for RNS based in Chicago. She covers evangelical and mainline Protestant Christianity. Facebook Twitter Pinterest LinkedIn ReddIt Email,(RNS) — The largest presidential election forum focused on the concerns of Native Americans drew several leading Democratic presidential candidates in its first day, including Massachusetts Sen. Elizabeth Warren.The Frank LaMere Native American Presidential Forum — named for the late Winnebago activist — is hosted by Native American voting rights group Four Directions and the Native Organizers Alliance.A panel of tribal leaders, tribal citizens and Native American youth presented questions to each of the presidential candidates who appeared Monday (Aug. 19) at the two-day forum. A total of 11 candidates are expected to attend the forum at the Orpheum Theater in Sioux City, Iowa, either in person or via video.O.J. Semans, co-executive director of Four Directions, introduced the forum as “Indian Country 101 for America,” which included discussions of issues informed by indigenous spirituality.Judith LeBlanc, director of the Native Organizers Alliance, referenced the Standing Rock Sioux Tribe’s action to stop construction of the Dakota Access Pipeline in North Dakota in her opening remarks. That action was sustained by a belief in the sacredness of the land and a spiritual responsibility to protect the water that ran through it.“We are moving on a continuum from protest to power,” LeBlanc said.“Standing Rock interrupted the narrative, and when we left Standing Rock, we went back to our cities and our reservations to organize.”RELATED: The ‘Splainer: The ‘spiritual battle’ over the Dakota Access pipelineWarren’s appearance at the forum was highly anticipated, in part because of controversy surrounding her claim to Cherokee ancestry. Cherokee writer and activist Rebecca Nagle and other activists have taken issue with the claim. Meanwhile, President Trump has regularly mocked Warren by referring to her as “Pocahontas” — a remark many indigenous people also see as racist.Warren appeared to address the controversy in her opening remarks.Sen. Elizabeth Warren appeared at the Frank LaMere Native American Presidential Forum at the Orpheum Theater in Sioux City, Iowa, on Aug. 19, 2019. Video screengrab“Like anyone who’s been honest with themselves, I know that I have made mistakes,” she said. “I am sorry for harm I have caused. I have listened and I have learned a lot, and I am grateful for the many conversations we have had together.”Warren was later pressed on pipelines that threaten sites indigenous people consider sacred.“I will revoke the permit for the pipelines,” she said to cheers and applause. “It shouldn’t have been granted in the first place.”She also insisted on the importance of tribal sovereignty.“Tribal governments are the ones who control what happens on tribal lands,” she said. “That’s what it means. A government-to-government relation.”RELATED: Denominations repent for Native American land grabsThe first question asked at the forum — to presidential candidate and spiritual author Marianne Williamson — referred to the Doctrine of Discovery, which gave theological justification to European conquest of Indigenous peoples and land.Williamson addressed the panel “in the spirit of prayerfulness that was already invoked at this event.”Her remarks addressing the United States’ history of unjust treatment of Native Americans also were couched in spiritual language, calling on the country to “atone” and “reconcile with a horrific chapter of our past.”When asked whether she would protect lands indigenous people deem sacred, the candidate insisted she “will not compromise” with corporations who unfairly encroach on such lands.“Their time is over,” she said.RELATED: The spiritual politics of presidential candidate Marianne WilliamsonPresidential candidates Sen. Amy Klobuchar, D-Minn., and Montana Gov. Steve Bullock are also slated to address the forum on Monday.Sen. Bernie Sanders; former housing secretary Julián Castro; Navajo pastor, speaker and author Mark Charles; former Rep. John Delaney and New York City Mayor Bill de Blasio are scheduled to speak Tuesday. Sen. Kamala Harris and former Rep. Joe Sestak reportedly are late additions to the line-up, according to Indian Country Today. As Amazon burns, Vatican prepares for summit on region’s faith and sustainabilit … August 30, 2019 Letter: Nationalism is anathema to Christian faith Catholicism Facebook Twitter Pinterest LinkedIn ReddIt Email Facebook Twitter Pinterest LinkedIn ReddIt Email,About the authorView All Posts News By: Emily McFarlan Miller emmillerwrites Emily McFarlan Miller emmillerwrites Share This! By: Jack Jenkins jackmjenkins Jack Jenkins Jack Jenkins is a national reporter for RNS based in Washington, covering U.S. Catholics and the intersection of religion and politics.,Load Comments,Java still a no-no for Mormons despite fancy coffee names Tags2020 campaign 2020 election 2020 presidential election election 2020 Elizabeth Warren Frank LaMere Native American Presidential Forum homepage featured Marianne Williamson Native American spirituality politics Top Story,You may also like Jack Jenkins jackmjenkins By: Emily McFarlan Miller emmillerwrites About the authorView All Posts Facebook Twitter Pinterest LinkedIn ReddIt Emaillast_img read more