Also see Apple’s Glum News About China Sales Sends Global Stocks Lower | NYT, Letter from Tim Cook to Apple investors | Apple Newsroom, and Steve Jobs and Apple’s Last Previous Earnings Warning | Daring Fireball
"Apple reduced its revenue expectations for the first time in 16 years on Wednesday because of poor iPhone sales in China, an unexpected development that underscored the slowing of China’s economy and raised fears of further turmoil in global markets.
Apple’s surprise announcement was the clearest confirmation yet that the Chinese economy is in serious trouble. Beijing’s effort last spring to clamp down on credit, which sparked a slowdown, and an intensifying trade war with the United States have unnerved consumers and businesspeople alike."Apple Cuts Revenue Forecast Because of Slow iPhone Sales in China | NYT