Cook dismisses worries over Apple after lowering guidance

Business | Technology 1/8/2019, 7:41 PM
Cook dismisses worries over Apple after lowering guidance

Apple Inc. Chief Executive Officer Tim Cook dismissed on Tuesday concerns over the company's performance after lowering its guidance last week. Speaking to CNBC, Cook defended Apple and its "ecosystem" of products, describing it as "underappreciated." "My honest opinion is that there is a culture of innovation in Apple and that culture of innovation combined with these incredible, loyal customers, happy customers, this ecosystem, this virtuous ecosystem, is something that is probably underappreciated," he explained.

Last week, shares of the tech giant plummeted after Apple warned investors that it was lowering its guidance for the first quarter of 2019. In the announcement, the Cupertino-based company said that it now expects revenue of around $84 billion, down from the $89 to $93 billion range it had previously predicted, attributing the lowered guidance to multiple factors, including a weakening economy in China and worse-than-expected iPhone sales.

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Chart for: Apple Inc.