During a previous guidance, Cook cited weaker demand in China as a major factor affecting iPhone sales.

“If you look at our results, our shortfall is over 100% from iPhone, and it is primarily in greater China,” Apple CEO Tim Cook said on CNBC. “So we have sort of a collection of items going on, some that are macroeconomic and some Apple specific,”

“In addition, these and other factors resulted in fewer iPhone upgrades than we had anticipated,” Cook added in a letter to investors.

The Invesco QQQ Trust (NasdaqGM: QQQ), which has about a 10 percent allocation in Apple, was down 1.61 percent as of 2:30 p.m. ET.

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