Apple's warning about poor holiday sales is dragging down the rest of the tech industry, from Amazon to Intel

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Apple's warning about poor holiday sales is dragging down the rest of the tech industry, from Amazon to Intel

Tim Cook

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Apple CEO Tim Cook

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  • Apple said on Wednesday that its holiday quarter revenue would be 7% lower than expected due to weakening iPhone sales, primarily in China.
  • Since the announcement, Apple's stock has dropped over 7% in after-hours trading.
  • The news of Apple missing its mark appears to be impacting other tech stocks, with Amazon, Intel, Alphabet, and others all taking hits in after-hours trading.

Apple's surprise pre-announcement on Wednesday, warning investors that quarterly revenue will come in at least $5 billion below expectations, sent shockwaves across the business and investing world.

Apple's stock quickly fell 7% in after hours trading. And it appears to have dragged down many of its tech peers with it.

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Here's how some top tech stocks are performing after-hours on Wednesday:

Apple blamed slowing demand for iPhones in China for a good deal of its woes, which may be spooking investors in other companies with businesses that are tied to China.

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But even companies without obvious China exposure, such as Facebook which is banned in China, took a dip in after hours trading. It's a reflection of Apple's importance and status in the tech industry. A slowdown in Apple's business is a bad sign for the tech business and perhaps even for the broader economic outlook.

Get the latest Google stock price here.

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