SAN FRANCISCO — A significant sales slowdown in China has forced Apple to reduce revenue expectations for its most recent quarter.
The company said Wednesday that it expected revenue of about $84 billion in the quarter that ended Dec. 29, down from a previous estimate of $89 billion to $93 billion.
Apple’s surprise announcement added to concerns about the ability of American tech giants to navigate an increasingly uncertain economy and a continuing trade war between the United States and China. China has become Apple’s third-largest market in recent years, driven mostly by iPhone sales.
Growth in iPhone sales has been slowing for years as the global smartphone market has become saturated. Late last year, investors became worried that trend was about to worsen when Apple said it would stop reporting how many iPhones it sold.
Apple’s shares fell in after-hours trading following the revenue warning.