Goldman warns Apple's earnings could fall short this year on 'rapidly slowing' demand in China [CNBC]
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Source: CNBC
Apple earnings results may end up disappointing investors thanks to a marked deterioration in Chinese demand for iPhones, Goldman Sachs told clients. There are multiple signs of rapidly slowing consumer demand in China which we believe could easily affect Apple's demand there this fall, Goldman analyst Rod Hall wrote in a note published Sunday. Though Hall admitted that the smartphone market in China showed some signs of important in the second quarter, his forecast for third-quarter unit sales shows a decline of 15 percent year over year. While the analyst expects Apple's latest phones — including the larger XR and XS Max — to counter some of the softening demand, the overall decline in phone demand could be costly to CEO Tim Cook's bottom line. Hall's current projections set Apple diluted earnings per share at $11.78 for the current fiscal year and $13.77 for 2019. Shares of Apple fell 0.3 percent in premarket trading following the Goldman note, set to pare 2018 ga
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