Apple cuts quarterly forecast as sales weaken in China

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Apple on Wednesday took rare step of cutting its quarterly sales forecast. Chief Executive Tim Cook blamed the slow sales in China as the reason of cut in sales forecast. Apple had originally forecasted revenue between $89 billion and $93 billion which was later lowered to $84 billion. Company’s shares also skidded 7.7% in after-hours trade. Some analysts questioned the price at which Apple’s iPhones are being sold in China. China’s smartphone market has dropped sharply this year with Apple and Samsung leading the fall.