Apple’s Results May Be Hit by Brexit Economic Fallout, Citi Says
- Analyst cites the U.K. referendum in lowing outlook on shares
- Customers also seeing less reason to upgrade iPhones
Will Brexit Add to Apple's Sales Woes?
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Fallout from the U.K.’s decision to leave the European Union is adding to Apple Inc.’s woes.
An economic slowdown and currency fluctuations following the U.K.’s June 23 referendum are contributing to weaker demand for Apple devices, according to Citigroup Global Markets analyst Jim Suva. The vote result is intensifying a broader challenge facing Apple of customers not upgrading their iPhones as frequently. With the outlook unlikely to improve any time soon, Suva predicts Apple’s financial results will come in below Wall Street’s projections.