Apple’s iPhone Sales Target Billions Below Wall Street Expectations as China Business Suffers

Apple on Thursday forecast a drop in iPhone sales and targeted overall revenue $6 billion (roughly Rs. 49,714 crore) below Wall Street expectations as its China business took a hit. This overshadowed overall fiscal first-quarter sales and profit that beat analysts’ targets, powered by iPhone growth, sending Apple shares down 3 percent in after-hours trade.Apple on Thursday forecast a drop in iPhone sales and targeted overall revenue $6 billion (roughly Rs. 49,714 crore) below Wall Street expectations as its China business took a hit. This overshadowed overall fiscal first-quarter sales and profit that beat analysts’ targets, powered by iPhone growth, sending Apple shares down 3 percent in after-hours trade.