NEW YORK, January 3. /TASS/. The forecast reduction in quarterly revenue of the American company Apple is largely due to trade friction between USA and China. This was stated on Wednesday the TV channel CNBC the head of the company Tim cook.

“If you look at our results, the backlog [of predictions] to more than 100% for iPhone mainly comes from China. In China, as it becomes clear the economy is starting to slow down for the second half of the year. I believe that the reason is the tension in trade between the United States and China, which put additional pressure on our [American] economy,” said cook.

Among other factors, negatively influenced the activities of Apple, he called the cost reduction of the batteries of smartphones and the increase in the basic interest rates in the United States, which contributes to the inflow of foreign capital and the strengthening of the U.S. dollar. “We knew that it will cost us dearly. In fact, it cost us the depreciation of the stock (Apple) by about 200 points,” — stated the head of the company.

On Wednesday, Apple released data for the first fiscal quarter ending December 29. Forecast revenue for the period reduced from $89 billion — $93 billion to $84 billion This circumstance provoked a sharp decline of 7.7% of the shares of the company on the stock exchange. As a result, Apple’s market capitalization fell below $700 billion

In August last year, the company’s market capitalization exceeded $1 trillion, but then declined and, as of mid-December 2017 slightly exceed $800 billion

Founded in 1976, Apple produces, in addition to smartphones iPhone, tablets iPad, MacBook, iMac desktop computers, iPod music players, and other high-tech equipment. Corporation with headquarters in Cupertino (California) is one of the largest in the world.

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