Huawei Backlash: Two Employees Punished For New Year’s iPhone Tweet

Lift in christmas activations

The South China Morning Post picked up on an internal memo circulated widely on Chinese media detailing how the flub came to be and the punishments for the employees.

Apple had some news for investors to ring in 2019, only it wasn't good.

They have fallen more than 32 per cent from an October peak amid growing concerns about the iPhone - by far Apple's most important product line, comprising more than 60 per cent of its 2018 revenue.

Cook didn't place all of the blame on China.

Apple has held firm on its premium pricing strategy in China despite the risk of a slower economy, a factor that has been exacerbated by the strong United States dollar. "The government-reported GDP growth during the September quarter was the second lowest in the last 25 years".

Jefferies analyst Timothy O'Shea lowered his price target for Apple stock to $160 from $225, citing his concerns over future iPhone sales.

Furthermore, Mr Cook said the weaker result was because the number of customers upgrading to new iPhone models in other countries was "not as strong as we thought they would be". Its revenues from wearables, computers, and services divisions have grown revenues year-on-year by nearly 19 percent.

"Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline", Cook said in the letter.

The company is chalking that up to poor iPhone sales, particularly in China.

While these arguably embarrassing things are generally forgotten within a few days of their discovery after companies rush to erase all traces of their errors and we move on to more consequential stories in the global tech industry, Huawei's recent gaffe continues to make headlines.

Tax rate of approximately 16.5 percent before discrete itemsWhen we discussed our Q1 guidance with you about 60 days ago, we knew the first quarter would be impacted by both macroeconomic and Apple-specific factors.

"Our non-iPhone businesses have less exposure to emerging markets, and the vast majority of Services revenue is related to the size of the installed base, not current period sales", Cook noted.

Slumping financial markets seemed to hurt consumer confidence in China, he said, "with traffic to our retail stores and our channel partners in China declining as the quarter progressed".

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