Apple issued a profit warning late on Wednesday, blaming economic weakness in China and disappointing iPhone upgrades for the shortfall. The guidance was lowered to USD 84 billion for the first quarter, down from the USD 89-93 billion it had previously projected.
Swedbank macro analyst Knut Hallberg says the lowered revenue guidance is a sign of strained US-China trade relations, which may have affected Chinese consumer sentiment.
Apple shares had lost more than 8 per cent of their value on Wall Street at the time Dagens Industri went to press yesterday evening. Sweden’s Fourth National Pension Fund (AP4), which had a holding of 1.3 million shares in Apple at the end of September, saw the value of the shares decline by SEK 150 million on Thursday.
The business daily also reports that Holmen has produced packaging for Apple since 2005 and the Swedish forest industry group stated in 2017 that the company was its fifth largest paperboard customer.
Shares in Holmen fell by 2.3 per cent yesterday. “Holmen moved in line with the sector. Tobacco companies are their largest customer. But Apple’s warning is obviously a negative signal,” comments Handelsbanken analyst Markku Järvinen.
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