Apple Will Detail Q1 2019 Revenue Reductions On January 29

Apple announced on Wednesday that it will release quarterly earnings for the first quarter of 2019 on January 29. Company executives are expected to announce a rare revenue forecast reduction due to weak iPhone sales.

Apple announced in an update to its Investor Relations webpage that the quarterly earnings report will be followed by a conference call on Tuesday, January 29 at 2:00 p.m. Pacific / 5:00 p.m. Eastern.

Apple’s CEO Tim Cook and CFO Luca Maestri are expected to participate in a conference call that will provide details on the company’s recently revised revenue projections.

Cook stated in a letter to investors earlier today that Apple is on track to generate $84 billion in revenue for the crucial first fiscal quarter of 2019, a decrease from the original forecast of $89 billion to $93 billion. In large part, the reduction is attributed to weak iPhone demand in China and unspecified emerging markets.

“Lower-than-expected iPhone sales, primarily in Greater China, account for the entirety of our revenue shortfall relative to our guidance and much more than our entire year-over-year revenue decline,” said Cook.

Specifically, Apple failed to anticipate a slowdown in China’s economy, which was exacerbated by rising U.S.-China trade tensions.

In addition to macroeconomic factors and dollar strength-related price increases, Cook attributed the revenue shortfall to miscalculated demand for upgrades. Specifically, the executive stated that inexpensive battery replacements and a reduction in carrier subsidies are impeding the typical upgrade cycle.

Apple has not lowered its forecast for the current quarter in over 15 years.

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