Rotten news from Apple (NASDAQ: AAPL), Thursday.
The tech giant said it will miss its quarterly sales forecastby a wide margin, due its weakening growth, slowing iPhone sales and trade tensions with China, where its products are made. The news comes as U.S. earnings season looms around the corner.
Its stock sunk 10%, sending the company down to being the fourth-largest public company behind Amazon, Microsoft and Alphabet. Major U.S. markets opened 1% lower, with the Dow falling more than 300, then over 600 points in morning trading. Canada’s main stock index also fell at the open, with the TSX down 87.48 points, or 0.61%, at 14,259.68. Tech shares took a 1.7% hit.