The rare warning of disappointing results from Apple reinforced investors' fears that the world's second-biggest economy is losing steam and that trade tensions between Washington and Beijing are making things worse.
News that the iPhone maker cut its first-quarter revenue forecast, described by one analyst as Apple's "darkest day in the iPhone era", had something for everyone who has panicked over US stocks in the past few months. The drop in sales was also not entirely a surprise. Apple makes its product in China. "While we don't expect zero sales to occur we believe investors will value this framework and the scenario analysis in this report". Tech analysts say local brands like Huawei and Oppo have been closing the gap with Apple in terms of performance and design even while Cupertino continues to raise its prices.
But Apple's new $1,000 iPhones are a hard sell to Chinese consumers anxious about the economic future, as trade tension continues between China and the United States.
The promotion in China is available until January 31, around the same time the iPhone maker is expected to release its fiscal first-quarter earnings.
Follow Michael on Twitter. Increasingly high prices could have also played a role. On Thursday it was also announced that Apple is likely to remove some iPhones from stores in Germany, as Qualcomm moves to enforce an earlier court order banning the sale of some iPhone models in the country.
"No, I'm not", Trump said after he was asked at a White House news conference about Apple's revenue warning this week.
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President Donald Trump made his first comments on Apple's this Friday - and they were largely dismissive. -China trade tensions drove the S&P 500 Index to the brink of a bear market.
Currently, it is not clear if the firm actually has any claimants or how far along the investigation is, but the firm is still calling on any disaffected shareholders to reach out to them. The company shares fell 7.7 per cent in after-hours trading, so Apple is now worth less than $700 billion.
Apple's first profit warning since 2002 has clearly generated a significant amount of finger-pointing at the Cupertino giant's headquarters, so much so that in the letter to investors Apple may have said more than it had planned on saying.
'We did not foresee the magnitude of the economic deceleration, particularly in Greater China, ' he said.
Indeed, Apple faces several tough Chinese competitors like Huawei and Xiaomi that are now selling cheaper smartphones that are increasingly popular in China, as research firms like IDC have previously reported.
For now, shares of Apple suppliers were taking the biggest hits.
So, not only is the overall smartphone market just not a fast-growing one, but Apple's corner of it - lucrative as it is - looks set to become a smaller portion of the overall market.