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5 Takeaways From Apple CEO Tim Cook's Bombshell iPhone Letter

Apple CEO Tim Cook acknowledged that the iPhone slowdown is not just a phenomenon in China, but that upgrades are sluggish in ‘developed markets,’ as well.

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Apple's Bad Start To 2019

This surely isn't how Apple CEO Tim Cook wanted to start off a new year. On Wednesday, Cook released a letter that he wrote to shareholders revealing that "lower than anticipated iPhone revenue" has led the company to slash its guidance for its fiscal first quarter of 2019, which ended Dec. 29. Apple ultimately saw "fewer iPhone upgrades than we had anticipated" during the quarter, he wrote. Apple's stock price was down about 9 percent, to $143.78, shortly after the markets opened on Thursday.

The disclosure follows a number of recent troubling signs about Apple's iPhone business, including flat unit sales in the company's iPhone business in the previous quarter and reduced expectations from leading analysts. Apple has also recently signaled that its iPhone business may be struggling by launching special promotions for buying new iPhones--an extremely rare move by the company.

What follows are five key takeaways from Cook's letter to shareholders.

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