This caused the iPhone maker's stock to plunge 7 per cent to $US157.92 ($229.72) per share in after-hours trade on Wall Street, after a brief trading halt.
On the first point, Cook placed the blame on slowdowns in China, writing, "Most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad".
Apple issued a press release on Wednesday to announce it would be lowering revenue guidance for its first fiscal quarter, which ended in December. Revenue guidance is now $84 billion for the quarter, 5-10% below the earlier guidance range and 8% below consensus.
China's "economy began to slow there for the second half", Mr Cook said during an interview with CNBC on Wednesday afternoon. It appears that fewer people are buying the iPhone than expected and as a result, Apple had to revise its earnings for its fiscal 2019 first quarter. The company said wearables sales grew by nearly 50% over last year's holiday quarter, the Apple Watch and AirPods being especially popular this year.
"One such initiative is making it simple to trade in a phone in our stores, finance the purchase over time, and get help transferring data from the current to the new phone", Mr. Cook notes.
While President Trump's trade war with China is not helping Apple and other U.S. technology companies, Mr Ives believes Apple miscalculated by continuing to roll out high-priced phones in China, creating an opening for rivals with less costly alternatives that still worked well.
Apple isn't going to rake in as many billions of dollars as it had expected over the holidays. "It will be interesting to see how Apple shares react if there's a China trade agreement".
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The flagship product earns Apple about two-thirds of its revenue, and allows the company to generate more money from attached products like Apple Watches, AirPods, and services like Apple Music. "This turned out to have a significantly greater impact than we had projected", CEO Tim Cook said in a news release.
In addition, the holiday quarter was big for Apple's wearables business.
Twitter has met Apple's troubles with derision, with many pointing out that new models are massively overpriced while hardly being technological breakthroughs.
However, he admitted that sales in more mature economies had also been disappointing. Universal Display Corp. declined 3.5 per cent and Lumentum Holdings Inc. tumbled 8.7 per cent. Shares of US retailers that sell Apple products were also weak on the news.
iPhone sales have been sliding and Apple faces stiff competition in China. Well, Apple CEO Tim Cook would like to iFuck that up for you now... Cook did call out weakness in other emerging markets (Turkey, India, Brazil, Russia) but said that China wasn't in the same category and was strong, growing 16% in the prior quarter.
The warning, which came after trading in NY closed on Wednesday, looked likely to rattle already-volatile stock markets when they reopen on Thursday - with stock index futures pointing to Wall Street falls.