Apple is set to open more than 8 percent lower Thursday, a day after slashing first-quarter revenue guidance in a rare acknowledgement of waning sales.
That plunge would make for Apple’s worst day of trading since 2013 if the losses hold, and it extends a painful year-end trend for Apple into 2019. The stock, which once traded above $230 per share, shed 30 percent in the fourth quarter of 2018. Shares were trading around $157 premarket Thursday.
The company cited longer upgrade cycles and headwinds in China as causing lower-than-expected iPhone sales. Apple now expects first-quarter revenue to be as much as $9 billion lower than previous projections.
It’s the admission shareholders had been waiting for, after months of supply chain reports and a major shake-up to the company’s sales reporting structure. Apple said in November it would stop reporting individual unit sales and revenue figures for its main product lines.
As of Wednesday’s close, Apple was trading 8 percent down in the last 12 months, and more than 30 percent down from 52-week highs.