iPhone demand wanes as Chinese tighten belts

News

January 3, 2019 - 9:25 AM

BEIJING (AP) — Apple Inc.’s $1,000 iPhone is a tough sell to consumers in China unnerved by an economic slump and the trade war with the U.S.

CEO Tim Cook said in a letter to shareholders released Wednesday that demand for iPhones is waning and revenue for the last quarter of 2018 will fall well below projections, a decrease he traced mainly to China.

The tech giant is just the latest global company grappling with increasing Chinese consumer anxiety. Other brand names such as Ford Motor Co. and jeweler Tiffany & Co. already have reported abrupt declines in sales to Chinese buyers.

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