“Apple has lowered its Q1 guidance in a letter to investors from CEO Tim Cook Wednesday,” Steve Kovach reports for CNBC. “Apple stock was halted in after-hours trading just prior to the announcement, and shares were down about 8 percent when trading resumed 20 minutes later.”

“Apple lowered revenue guidance to $84 billion, down from the $89 to $93 billion it had previously projected,” Kovach reports. “The company lowered gross margin to about 38 percent from between 38 percent and 38.5 percent. ‘If you look at our results, our shortfall is over 100 percent from iPhone and it’s primarily in greater China,’ Cook told CNBC’s Josh Lipton in an interview Wednesday. ‘It’s clear that the economy began to slow there in the second half and I believe the trade tensions between the United States and China put additional pressure on their economy.'”

CNBC’s Josh Lipton sits down with Apple’s Tim Cook on the company cutting first-quarter revenue forecasts.

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MacDailyNews Take: Dance, Tim, dance!

The good news: This too shall pass.

Apple CEO Tim Cook issues public letter to investors, lowers guidance – January 2, 2019