The optimistic narrative about Apple Inc.’s iPhone business is falling apart in front of our eyes.
The company on Wednesday stunningly slashed its own revenue forecast for its first fiscal quarter that ended in December. Apple led by blaming a slowing economy in China and the trade skirmish with the U.S. for worse-than-expected consumer transactions in the region that includes China, Taiwan and Hong Kong. Apple said its first quarter revenue is now expected to fall about 5 percent from a year earlier. China may be the new “weather” — a go-to excuse for companies whose sales aren’t up to snuff.