Two exchange-traded funds (ETFs) with the largest capital Apple allocations–Technology Select Sector SPDR ETF (NYSEArca: XLK) and Vanguard Information Technology ETF (NYSEArca: VGT) fell in after hours trading following a weak Q1 guidance from the iPhone maker.

Shares of Apple fell over 7 percent after trading was halted prior to the announcement. XLK was down 2.13 percent while VGT fell 2.88 percent in after hours trading.

In a letter to investors, Apple CEO Tim Cook cited lower-than-expected iPhone revenue and China’s weakening economy as major headwinds for the tech giant. Apple lowered its Q1 revenue guidance to $84 billion–down from the previous projection of $89 to $93 billion.

“If you look at our results, our shortfall is over 100 percent from iPhone and it’s primarily in greater China,” Cook told CNBC in an interview Wednesday. “It’s clear that the economy began to slow there in the second half and I believe the trade tensions between the United States and China put additional pressure on their economy.”

“We had sort of a collection of items going on. Some that are macroeconomic and some that are Apple specific,” added Cook. “And we’re not going to sit around waiting for the macro to change. I hope that it does and I’m actually optimistic, but we are going to focus really deeply on the things we can control.”

It’s Raining Downgrades

It’s been a case of kick Apple shares while they’re down as analyst downgrades hurt the stock late last year. Guggenheim Partners lowered its rating on the tech giant from “buy” to “neutral,” citing that a 5 percent decline in iPhone units will occur in 2019.

Guggenheim forecasted that a subsequent increase in prices would do little in terms of offsetting a decline in sales. In addition, the firm posited that overall demand for iPhones globally would wane.

Apple declined over 4 percent while Lumentum shares sank a record 30 percent. Lumentum’s reduced outlook came as one of its largest customers was asked to “meaningfully reduce shipments” for previous orders placed.

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