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Visit One News Page for Italy news from around the world, aggregated from leading sources including newswires, newspapers and broadcast media. Search millions of archived news headlines. This feed provides the Italy news headlines.

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    LIVE SCORES: All the goals as they go in Follow games in the UK, Spain, Italy, Germany, France and beyond with Goal's extensive match coverage! Reported by Goal.com 19 hours ago.

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    Chicago, Ill., Jan 2, 2019 / 01:46 pm (CNA/EWTN News).- The bishops of the US are gathered near Chicago for a week-long retreat directed by Father Raniero Cantalamessa, OFM Cap., who has been apostolic preacher since 1980.

    The Jan. 2-8 retreat is being held at Mundelein Seminary, in the Chicago suburbs, on the theme of Christ's commission of the 12 apostles, and the apostolic mandate.

    It is “taking place at the invitation of Pope Francis who has asked all bishops in the United States to pause in prayer as the Church seeks to respond to the signs of the times,” the US Conference of Catholic Bishops said in December.

    Cardinal Daniel DiNardo of Galveston-Houston, president of the USCCB, expressed his gratitude to the Pope for asking the bishops “to step back and enter into this focused time of listening to God as we respond to the intense matters before us in the weeks and months ahead. I also humbly ask the laity, our priests and religious for your prayers for my brother bishops and me as we join in solidarity to seek wisdom and guidance from the Holy Spirit. Pray also for the survivors of sexual abuse that their suffering may serve to strengthen us all for the hard task of rooting out a terrible evil from our Church and our society so that such suffering is never multiplied.”

    Fr. Cantalamessa, 84, was appointed apostolic preacher, or preacher to the papal household, by St. John Paul II, early in his papacy. He was born in Italy in 1934, and ordained a priest in 1958.

    He then earned a doctor of divinity in Fribourg in 1962, and a doctorate in classical literature in Milan in 1966.

    Before being appointed preacher to the papal household, Fr. Cantalamessa was a history professor and head of the religious sciences department at the Catholic University of Milan, as well as a member of the Catholic delegation for dialogue with Pentecostal communities. He as a member of the International Theological Commission from 1975 to 1981.

    As apostolic preacher, Fr. Cantalamessa preaches to the pope and the Roman curia on the Fridays of Advent and Lent, and he also preaches at the Good Friday service in St. Peter's Basilica. Since its recent establishment by Pope Francis, he has also preached for the World Day of Prayer for the Care of Creation in St. Peter's Basilica.

    He is the author of more than 20 books of spiritual theology and Catholic devotions. His most recent book is the 2015 work “The Gaze of Mercy: A Commentary on Divine and Human Mercy.”

    The office of apostolic preacher was established in the mid-16th century by Paul IV. Since a 1743 decision of Benedict XIV, the office has been restricted to Capuchins.

      Reported by CNA 18 hours ago.

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    Europe’s central bank took control of troubled Banca Carige, an unprecedented step to manage risk as Italy’s political and economic woes continue. Reported by NYTimes.com 18 hours ago.

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    Apple just warned its holiday quarter was a huge miss and the stock is getting crushed (AAPL) In a press release on Wednesday, Apple said that its revenue guidance for its first fiscal quarter, which ended in December, was going to be lower than it previously said. 

    Apple had previously told investors to expect revenue between $89 billion and $93 billion. 

    On Wednesday, it revised that estimate down to $84 billion, 7.6% lower than it previously expected. 

    "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 in an interview on CNBC.

    "So we have sort of a collection of items going on some that are macroeconomic and some Apple specific," he continued. 

    Apple stock declined over 8% in after hours trading.

    *Here's the entire letter:*

    To Apple investors:

    Today we are revising our guidance for Apple’s fiscal 2019 first quarter, which ended on December 29. We now expect the following:

    Revenue of approximately $84 billion
    Gross margin of approximately 38 percent
    Operating expenses of approximately $8.7 billion
    Other income/(expense) of approximately $550 million
    Tax rate of approximately 16.5 percent before discrete items
    We expect the number of shares used in computing diluted EPS to be approximately 4.77 billion.

    Based on these estimates, our revenue will be lower than our original guidance for the quarter, with other items remaining broadly in line with our guidance.

    While it will be a number of weeks before we complete and report our final results, we wanted to get some preliminary information to you now. Our final results may differ somewhat from these preliminary estimates.

    When we discussed our Q1 guidance with you about 60 days ago, we knew the first quarter would be impacted by both macroeconomic and Apple-specific factors. Based on our best estimates of how these would play out, we predicted that we would report slight revenue growth year-over-year for the quarter. As you may recall, we discussed four factors:

    First, we knew the different timing of our iPhone launches would affect our year-over-year compares. Our top models, iPhone XS and iPhone XS Max, shipped in Q4’18 — placing the channel fill and early sales in that quarter, whereas last year iPhone X shipped in Q1’18, placing the channel fill and early sales in the December quarter. We knew this would create a difficult compare for Q1’19, and this played out broadly in line with our expectations.

    Second, we knew the strong US dollar would create foreign exchange headwinds and forecasted this would reduce our revenue growth by about 200 basis points as compared to the previous year. This also played out broadly in line with our expectations.

    Third, we knew we had an unprecedented number of new products to ramp during the quarter and predicted that supply constraints would gate our sales of certain products during Q1. Again, this also played out broadly in line with our expectations. Sales of Apple Watch Series 4 and iPad Pro were constrained much or all of the quarter. AirPods and MacBook Air were also constrained.

    Fourth, we expected economic weakness in some emerging markets. This turned out to have a significantly greater impact than we had projected.

    In addition, these and other factors resulted in fewer iPhone upgrades than we had anticipated.

    These last two points have led us to reduce our revenue guidance. I’d like to go a bit deeper on both.

    *Emerging Market Challenges*

    While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.

    China’s economy began to slow in the second half of 2018. The government-reported GDP growth during the September quarter was the second lowest in the last 25 years. We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed. And market data has shown that the contraction in Greater China’s smartphone market has been particularly sharp.

    Despite these challenges, we believe that our business in China has a bright future. The iOS developer community in China is among the most innovative, creative and vibrant in the world. Our products enjoy a strong following among customers, with a very high level of engagement and satisfaction. Our results in China include a new record for Services revenue, and our installed base of devices grew over the last year. We are proud to participate in the Chinese marketplace.

    *iPhone*

    Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline. In fact, categories outside of iPhone (Services, Mac, iPad, Wearables/Home/Accessories) combined to grow almost 19 percent year-over-year.

    While Greater China and other emerging markets accounted for the vast majority of the year-over-year iPhone revenue decline, in some developed markets, iPhone upgrades also were not as strong as we thought they would be. While macroeconomic challenges in some markets were a key contributor to this trend, we believe there are other factors broadly impacting our iPhone performance, including consumers adapting to a world with fewer carrier subsidies, US dollar strength-related price increases, and some customers taking advantage of significantly reduced pricing for iPhone battery replacements.

    Many Positive Results in the December Quarter

    While it’s disappointing to revise our guidance, our performance in many areas showed remarkable strength in spite of these challenges.

    Our installed base of active devices hit a new all-time high—growing by more than 100 million units in 12 months. There are more Apple devices being used than ever before, and it’s a testament to the ongoing loyalty, satisfaction and engagement of our customers.

    Also, as I mentioned earlier, revenue outside of our iPhone business grew by almost 19 percent year-over-year, including all-time record revenue from Services, Wearables and Mac. Our non-iPhone businesses have less exposure to emerging markets, and the vast majority of Services revenue is related to the size of the installed base, not current period sales.

    Services generated over $10.8 billion in revenue during the quarter, growing to a new quarterly record in every geographic segment, and we are on track to achieve our goal of doubling the size of this business from 2016 to 2020.

    Wearables grew by almost 50 percent year-over-year, as Apple Watch and AirPods were wildly popular among holiday shoppers; launches of MacBook Air and Mac mini powered the Mac to year-over-year revenue growth and the launch of the new iPad Pro drove iPad to year-over-year double-digit revenue growth.

    We also expect to set all-time revenue records in several developed countries, including the United States, Canada, Germany, Italy, Spain, the Netherlands and Korea. And, while we saw challenges in some emerging markets, others set records, including Mexico, Poland, Malaysia and Vietnam.

    Finally, we also expect to report a new all-time record for Apple’s earnings per share.

    Looking Ahead

    Our profitability and cash flow generation are strong, and we expect to exit the quarter with approximately $130 billion in net cash. As we have stated before, we plan to become net-cash neutral over time.

    As we exit a challenging quarter, we are as confident as ever in the fundamental strength of our business. We manage Apple for the long term, and Apple has always used periods of adversity to re-examine our approach, to take advantage of our culture of flexibility, adaptability and creativity, and to emerge better as a result.

    Most importantly, we are confident and excited about our pipeline of future products and services. Apple innovates like no other company on earth, and we are not taking our foot off the gas.

    We can’t change macroeconomic conditions, but we are undertaking and accelerating other initiatives to improve our results. One such initiative is making it simple to trade in a phone in our stores, finance the purchase over time, and get help transferring data from the current to the new phone. This is not only great for the environment, it is great for the customer, as their existing phone acts as a subsidy for their new phone, and it is great for developers, as it can help grow our installed base.

    This is one of a number of steps we are taking to respond. We can make these adjustments because Apple’s strength is in our resilience, the talent and creativity of our team, and the deeply held passion for the work we do every day.

    Expectations are high for Apple because they should be. We are committed to exceeding those expectations every day.

    That has always been the Apple way, and it always will be.

    Developing...

     

    Join the conversation about this story »

    NOW WATCH: Why NASA blasts half a million gallons of water during rocket launches Reported by Business Insider 17 hours ago.

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    Apple just made a surprising move — warning that its holiday quarter was a huge miss (AAPL) In a press release on Wednesday, Apple said that its revenue guidance for its first fiscal quarter, which ended in December, was going to be lower than it previously said. 

    Apple had previously told investors to expect revenue between $89 billion and $93 billion. 

    On Wednesday, it revised that estimate down to $84 billion. 

    *Here's the entire letter:*

    To Apple investors:

    Today we are revising our guidance for Apple’s fiscal 2019 first quarter, which ended on December 29. We now expect the following:

    Revenue of approximately $84 billion
    Gross margin of approximately 38 percent
    Operating expenses of approximately $8.7 billion
    Other income/(expense) of approximately $550 million
    Tax rate of approximately 16.5 percent before discrete items
    We expect the number of shares used in computing diluted EPS to be approximately 4.77 billion.

    Based on these estimates, our revenue will be lower than our original guidance for the quarter, with other items remaining broadly in line with our guidance.

    While it will be a number of weeks before we complete and report our final results, we wanted to get some preliminary information to you now. Our final results may differ somewhat from these preliminary estimates.

    When we discussed our Q1 guidance with you about 60 days ago, we knew the first quarter would be impacted by both macroeconomic and Apple-specific factors. Based on our best estimates of how these would play out, we predicted that we would report slight revenue growth year-over-year for the quarter. As you may recall, we discussed four factors:

    First, we knew the different timing of our iPhone launches would affect our year-over-year compares. Our top models, iPhone XS and iPhone XS Max, shipped in Q4’18 — placing the channel fill and early sales in that quarter, whereas last year iPhone X shipped in Q1’18, placing the channel fill and early sales in the December quarter. We knew this would create a difficult compare for Q1’19, and this played out broadly in line with our expectations.

    Second, we knew the strong US dollar would create foreign exchange headwinds and forecasted this would reduce our revenue growth by about 200 basis points as compared to the previous year. This also played out broadly in line with our expectations.

    Third, we knew we had an unprecedented number of new products to ramp during the quarter and predicted that supply constraints would gate our sales of certain products during Q1. Again, this also played out broadly in line with our expectations. Sales of Apple Watch Series 4 and iPad Pro were constrained much or all of the quarter. AirPods and MacBook Air were also constrained.

    Fourth, we expected economic weakness in some emerging markets. This turned out to have a significantly greater impact than we had projected.

    In addition, these and other factors resulted in fewer iPhone upgrades than we had anticipated.

    These last two points have led us to reduce our revenue guidance. I’d like to go a bit deeper on both.

    Emerging Market Challenges

    While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.

    China’s economy began to slow in the second half of 2018. The government-reported GDP growth during the September quarter was the second lowest in the last 25 years. We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed. And market data has shown that the contraction in Greater China’s smartphone market has been particularly sharp.

    Despite these challenges, we believe that our business in China has a bright future. The iOS developer community in China is among the most innovative, creative and vibrant in the world. Our products enjoy a strong following among customers, with a very high level of engagement and satisfaction. Our results in China include a new record for Services revenue, and our installed base of devices grew over the last year. We are proud to participate in the Chinese marketplace.

    iPhone

    Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline. In fact, categories outside of iPhone (Services, Mac, iPad, Wearables/Home/Accessories) combined to grow almost 19 percent year-over-year.

    While Greater China and other emerging markets accounted for the vast majority of the year-over-year iPhone revenue decline, in some developed markets, iPhone upgrades also were not as strong as we thought they would be. While macroeconomic challenges in some markets were a key contributor to this trend, we believe there are other factors broadly impacting our iPhone performance, including consumers adapting to a world with fewer carrier subsidies, US dollar strength-related price increases, and some customers taking advantage of significantly reduced pricing for iPhone battery replacements.

    Many Positive Results in the December Quarter

    While it’s disappointing to revise our guidance, our performance in many areas showed remarkable strength in spite of these challenges.

    Our installed base of active devices hit a new all-time high—growing by more than 100 million units in 12 months. There are more Apple devices being used than ever before, and it’s a testament to the ongoing loyalty, satisfaction and engagement of our customers.

    Also, as I mentioned earlier, revenue outside of our iPhone business grew by almost 19 percent year-over-year, including all-time record revenue from Services, Wearables and Mac. Our non-iPhone businesses have less exposure to emerging markets, and the vast majority of Services revenue is related to the size of the installed base, not current period sales.

    Services generated over $10.8 billion in revenue during the quarter, growing to a new quarterly record in every geographic segment, and we are on track to achieve our goal of doubling the size of this business from 2016 to 2020.

    Wearables grew by almost 50 percent year-over-year, as Apple Watch and AirPods were wildly popular among holiday shoppers; launches of MacBook Air and Mac mini powered the Mac to year-over-year revenue growth and the launch of the new iPad Pro drove iPad to year-over-year double-digit revenue growth.

    We also expect to set all-time revenue records in several developed countries, including the United States, Canada, Germany, Italy, Spain, the Netherlands and Korea. And, while we saw challenges in some emerging markets, others set records, including Mexico, Poland, Malaysia and Vietnam.

    Finally, we also expect to report a new all-time record for Apple’s earnings per share.

    Looking Ahead

    Our profitability and cash flow generation are strong, and we expect to exit the quarter with approximately $130 billion in net cash. As we have stated before, we plan to become net-cash neutral over time.

    As we exit a challenging quarter, we are as confident as ever in the fundamental strength of our business. We manage Apple for the long term, and Apple has always used periods of adversity to re-examine our approach, to take advantage of our culture of flexibility, adaptability and creativity, and to emerge better as a result.

    Most importantly, we are confident and excited about our pipeline of future products and services. Apple innovates like no other company on earth, and we are not taking our foot off the gas.

    We can’t change macroeconomic conditions, but we are undertaking and accelerating other initiatives to improve our results. One such initiative is making it simple to trade in a phone in our stores, finance the purchase over time, and get help transferring data from the current to the new phone. This is not only great for the environment, it is great for the customer, as their existing phone acts as a subsidy for their new phone, and it is great for developers, as it can help grow our installed base.

    This is one of a number of steps we are taking to respond. We can make these adjustments because Apple’s strength is in our resilience, the talent and creativity of our team, and the deeply held passion for the work we do every day.

    Expectations are high for Apple because they should be. We are committed to exceeding those expectations every day.

    That has always been the Apple way, and it always will be.

    Developing...

     

    Join the conversation about this story »

    NOW WATCH: We tested out $30 tiny spy cameras from Amazon by spying on our co-workers Reported by Business Insider 17 hours ago.

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    Liberty University’s School of Business welcomes Professor Anthony Nobles as the new executive director for its Center for Entrepreneurship.

    LYNCHBURG, Va. (PRWEB) January 02, 2019

    Liberty University’s School of Business welcomes a new executive director for its Center for Entrepreneurship. Professor Anthony (Tony) Nobles has founded more than 28 companies in the fields of electronics, medical devices, banking, automotive engineering, retail, real estate, among others. In his capacity as the chairman, president, and/or CEO of both private and publicly traded companies, Professor Nobles has invented and developed more than 155 medical devices, as well as leading electronic technologies, including the portable electronic book and endoscopic imaging systems.

    Professor Nobles has been directly responsible for the sale of companies or has licensed their technologies to several of the largest medical device companies, including Medtronic, Johnson and Johnson, and Boston Scientific. All combined, these sales or licensing actions involve over 27 individual companies. He has developed automotive technologies for both consumer vehicles as well as Formula 1 racing technologies for Ferrari, Italy.

    “Tony’s entrepreneurial experience and reputation as a gifted innovator are well established,” said Liberty Interim Provost Dr. Scott Hicks. “His desire to serve with us here at Liberty University by helping lead our entrepreneurship center demonstrates the growing reach of our university. Our students stand to benefit greatly from Tony’s abilities in the areas of entrepreneurship and business development.”

    President Jerry Falwell added: “Liberty continues to hire brilliant people who bring with them a wealth of knowledge and life experience. Both Dr. Brat (Liberty’s new School of Business dean) and Professor Nobles have established themselves as leaders. I’m thrilled to have them join our faculty.”

    Read about Nobles' innovative heart device and how President Falwell benefited from the breakthrough procedure in the Liberty Journal.

    Read more about Nobles and Liberty's entrepreneurial spirit in Virginia Business Magazine.

    About Liberty University:
    Liberty University, founded in 1971, is the world’s premier Christian university, the largest private, nonprofit university in the nation, and the largest university in Virginia. Located near the Blue Ridge Mountains on more than 7,000 acres in Lynchburg, Va., Liberty offers more than 600 unique programs of study from the certificate to the doctoral level. Over 300 programs are offered online. Utilizing its world-class infrastructure and Christian faculty, Liberty’s mission is to train Champions for Christ with the values, knowledge, and skills essential for impacting tomorrow’s world. Reported by PRWeb 17 hours ago.

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    · *Demand for the greenback triggered by fear, exacerbated by thin market conditions.*
    · *Tech shares collapse after Apple cut its revenues, amid weak Chinese sales.*

    Risk aversion dominates the beginning of the Asian session, exacerbated by thin volumes at this time of the day. Fears of a global economic downturned dominated the Asian and European sessions this Wednesday, following soft business activity indexes from China to the US. In the Union, business activity fell into contraction territory in December in Italy and France according to the final Markit Manufacturing PMI, while for the whole EU, the index came as expected at 51.4, down from 51.8 in November, the lowest reading seen since February 2016.

    Things improved after Wall Street's opening, as US shares trimmed pre-opening gains, with the three major indexes finishing the session with modest gains. But after the close, Apple issued a warning, announcing it now sees first-quarter revenue of $84 billion vs. previous guidance of a range of $89 billion and $93 billion, attributing the cut to weak Chinese sales,  bringing the negative sentiment back. The Dow Jones Industrial Average, which closed at 23,346.24, now trades barely above the 23,000 level, shedding over 300 points in a matter of minutes. US Treasury yields also extended their rout, with the benchmark yield for the 10-year not now at 2.63%, its lowest in almost a year.

    The EUR/USD pair trades now around 1.1340 and is technically bearish according to Valeria Bednarik, FXStreet chief analyst, as she states: " according to readings in the 4 hours chart, as the price has fallen below all of its moving averages, while technical indicators barely decelerated their declines once nearing oversold readings. The pair has some relevant daily lows around 1.1310, now the immediate support,  with a break below it opening doors for a re-test of 2018 low at 1.1215."

      Reported by FXstreet.com 15 hours ago.

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    Patrick Artus, analyst at Natixis, points out that the Eurozone’s struggling economies are being faced with a tough decision of whether to stay in the euro or leave the euro.

    *Key Quotes*

    “Struggling euro-zone countries (Italy, possibly even France) are now faced with the choice between:

    Leaving the euro and devaluing their exchange rates, which would lead to major difficulties and possibly defaults among all economic agents (government, companies, banks) with external debt in euros.”

    “Staying in the euro and enduring:

    - The inability to monetise fiscal deficits and therefore a sharp rise in interest rates whenever fiscal policy becomes more expansionary;

    - The inability to correct a cost-competitiveness disadvantage other than by carrying out an internal devaluation, i.e. by reducing wages;

    - Competition from countries that have carried out internal devaluations (like Spain)."

    "Leaving the euro would therefore be disastrous, but staying in the euro may also be disastrous.” Reported by FXstreet.com 10 hours ago.

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    North Korea's acting ambassador to Italy, Jo Song Gil, went into hiding with his wife in November, South Korea's spy agency told lawmakers in Seoul on Thursday. Reported by FOXNews.com 6 hours ago.

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    Click here for the full Italian text of President Sergio Mattarella’s New Year’s message to Pope Francis, in which he praised the Pope and his message for the World Day of Peace. Reported by Catholic Culture 5 hours ago.

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    North Korea’s acting ambassador to Italy defected with his wife in November, South Korea’s spy agency told lawmakers Thursday, striking an embarrassing blow leader Kim Jong Un and his communist regime. Reported by FOXNews.com 5 hours ago.

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    North Korea’s acting ambassador to Italy, Jo Song Gil, went into hiding with his wife in November, South Korea's lawmakers were told Thursday.

     
     
     
     
     
     
     
      Reported by USATODAY.com 4 hours ago.

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    South Korean lawmaker says intel services have determined acting ambassador Jo Song Gil is likely the latest high-profile North Korean defector Reported by CBS News 3 hours ago.

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    Cho Seong-gil, whose term in Rome was nearing its end, has been in hiding since early November, according to a South Korean lawmaker. Reported by NYTimes.com 2 hours ago.

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    In a memo to employees obtained by Bloomberg's Mark Gurman, Apple CEO Tim Cook provided additional commentary about the company's reduced revenue forecast for the first quarter of its 2019 fiscal year.
    Cook said Apple is "disappointed" that its quarterly revenue will fall up to $9 billion short of its initial guidance, entirely due to the iPhone, but touted revenue records from other product categories including the Mac, services like the App Store and iCloud, and wearables like the Apple Watch and AirPods.

    iPhone activations also set new Christmas Day records in the United States and Canada, according to Cook.

    Cook added that "this moment gives us an opportunity to learn and to take action," starting with an all-hands meeting with employees today at 9:30 a.m. Pacific Time at Apple's Town Hall auditorium on its Infinite Loop campus.

    The full memo:

    Team,

    Happy New Year — I hope everyone was able to rest and enjoy time with loved ones over the holidays.

    This afternoon we issued a letter to Apple investors explaining that we are revising our financial guidance for the holiday quarter. I encourage you to read it. As you will see, our revenue shortfall in Q1 is from iPhone, primarily in Greater China.

    While we are disappointed to be falling short of our quarterly revenue goal, our fiscal first quarter was also a record setter for revenue from Services, Wearables and the Mac. iPad revenue grew double-digits over the year-ago quarter, and iPhone activations in the U.S. and Canada set new Christmas Day records. We expect to set all-time revenue records in key markets including the US, Canada and Mexico, Western European countries including Germany and Italy, and countries across the Asia-Pacific region like Korea and Vietnam. Our worldwide installed base of active devices also hit a new all-time high, reflecting the loyalty of our customers and their appreciation for the work you do.

    We are tremendously proud of the innovations we're delivering to our customers with iPhone XR, iPhone XS and iPhone XS Max. These are, without a doubt, the best iPhones we've ever made. We did not set a new record for iPhone sales in Q1, however, due to a number of factors — some macroeconomic, and some specific to Apple and the smartphone industry.

    External forces may push us around a bit, but we are not going to use them as an excuse. Nor will we just wait around until they get better. This moment gives us an opportunity to learn and to take action, to focus on our strengths and on Apple's mission — delivering the best products on earth for our customers and providing them with an unmatched level of service. We manage Apple for the long term, and in challenging times we have always come out stronger.

    With that in mind, please join me for an all-hands meeting on Thursday morning at 9:30 a.m. PT. Be sure to check AppleWeb for more details. Due to construction at Apple Park, we'll be gathering at Town Hall on the Infinite Loop campus. Join us there in person, or via live stream through AppleWeb. I'll have more details about the quarter, and I'm looking forward to your thoughts and questions.

    Hope to see you there.

    Tim


    AAPL shares are currently down around eight percent to $145 in pre-market trading following the disappointing news.Tag: Tim Cook

    This article, "Tim Cook Says iPhone Activations Set New Christmas Day Records in United States and Canada" first appeared on MacRumors.com

    Discuss this article in our forums Reported by MacRumours.com 1 hour ago.

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    The Latest on the disappearance of a North Korean diplomat and his wife from Italy (all times local): 1 p.m. Reported by FOXNews.com 23 hours ago.

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    Jo Song Gil, Pyongyang’s interim ambassador to Italy until late last year, has gone into hiding along with his wife, a development that presents embarrassment for Pyongyang as it negotiates nuclear disarmament with the U.S. Reported by Wall Street Journal 9 hours ago.

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    Apple's surprise warning to shareholders marks the first time the company has had to do this in 16 years· Apple told investors on Wednesday to expect revenue from its holiday quarter to be around 8% lower than previously anticipated.
    · CEO Tim Cook largely blamed weak iPhone sales, "primarily" in China. The company saw its stock plunge in after-hours trading and when the market opened on Thursday.
    · The last time Apple made such a shocking announcement was in 2002, years before the introduction of the iPhone.

    On Wednesday, Apple announced revenue for its holiday quarter would be significantly lower than expected. This is a warning so rare for the company that the last time it issued a similar letter to shareholders was 16 years ago.

    Originally, Apple told investors to expect revenues for its holiday quarter, which ended in December, to be as high as $93 billion — after halting trading on Wednesday, the company announced it was now revising its quarterly revenue guidance down to $84 billion, a decrease of nearly 8 percent. 

    The company largely blamed this on disappointing iPhone sales, "primarily in greater China," said CEO Tim Cook on CNBC. Cook also said last night's surprise announcement was due to "macroeconomic and some Apple specific" issues, including its year-long $29 battery replacement program.

    Apple's stock plunged dramatically in after-hours trading on Wednesday, and on Thursday morning, the stock opened at $144 — making it the fourth most valuable company, behind Microsoft, Google, and Amazon. In August, Apple became the first US company to hit a market cap of $1 trillion, but its stock took a beating as the market suffered through the "Red October."

    But this isn't the first time this sort of thing has happened. 

    Back in 2002, it warned investors in a letter to expect revenues around $1.4 billion — down from its original guidance of $1.6 billion.

    At this time, Apple was largely just selling personal computers, and had been selling its original iPod for less than a year. The iPhone wouldn't be announced until 5 years later in 2007.

    The company's reasoning 16 years ago was fairly similar to the issues flagged in Wednesday's letter: unexpected sales loss in countries outside the US (it cited weak markets in Europe and Japan), and a slow "Father's Day and graduation time" sale season, according to this June 19, 2002 report by CNN. 

    Apple blogger John Gruber pointed out the 2002 letter, written by then-CEO Steve Jobs, clocked in at a concise 200 words. Comparing that to Cook's 1,400 word letter yesterday, Gruber wrote, "delivering bad news was one area where Steve Jobs really shined in a way that Tim Cook just can’t."

    The fact remains, however, that even with the revised down revenue guidance, Apple will still announce massive profit for the quarter relative to the competition. To put things into perspective, Apple's iPhone sales alone earn the company more money than the revenue Microsoft generates — as a company.

    *Here's the letter Jobs wrote to investors in 2002: *

    Apple today announced that it expects to generate revenues of about $1.4 billion to $1.45 billion in the June quarter, down from previous guidance of about $1.6 billion. The lower-than-expected revenues are primarily due to soft demand in the consumer and creative markets such as advertising and publishing. Geographically, revenues in Europe and Japan have become particularly weak. The revenue shortfall is expected to be offset significantly by higher-than-expected gross margins primarily due to lower costs of some components. Accordingly, the Company has revised its earnings guidance to $.08 to $.10 per diluted share, compared to previous guidance of $.11 or slightly higher.

    “Like others in our industry, we are experiencing a slowdown in sales this quarter. As a result, we’re going to miss our revenue projections by around 10%, resulting in slightly lower profits,” said Steve Jobs, Apple’s CEO. “We’ve got some amazing new products in development, so we’re excited about the year ahead. As one of the few companies currently making a profit in the PC business, we remain very optimistic about Apple’s prospects for long-term growth.”

    *Here's the letter Cook published Wednesday: *

    To Apple investors:

    Today we are revising our guidance for Apple's fiscal 2019 first quarter, which ended on December 29. We now expect the following:

    Revenue of approximately $84 billion
    Gross margin of approximately 38 percent
    Operating expenses of approximately $8.7 billion
    Other income/(expense) of approximately $550 million
    Tax rate of approximately 16.5 percent before discrete items
    We expect the number of shares used in computing diluted EPS to be approximately 4.77 billion.

    Based on these estimates, our revenue will be lower than our original guidance for the quarter, with other items remaining broadly in line with our guidance.

    While it will be a number of weeks before we complete and report our final results, we wanted to get some preliminary information to you now. Our final results may differ somewhat from these preliminary estimates.

    When we discussed our Q1 guidance with you about 60 days ago, we knew the first quarter would be impacted by both macroeconomic and Apple-specific factors. Based on our best estimates of how these would play out, we predicted that we would report slight revenue growth year-over-year for the quarter. As you may recall, we discussed four factors:

    First, we knew the different timing of our iPhone launches would affect our year-over-year compares. Our top models, iPhone XS and iPhone XS Max, shipped in Q4'18 — placing the channel fill and early sales in that quarter, whereas last year iPhone X shipped in Q1'18, placing the channel fill and early sales in the December quarter. We knew this would create a difficult compare for Q1'19, and this played out broadly in line with our expectations.

    Second, we knew the strong US dollar would create foreign exchange headwinds and forecasted this would reduce our revenue growth by about 200 basis points as compared to the previous year. This also played out broadly in line with our expectations.

    Third, we knew we had an unprecedented number of new products to ramp during the quarter and predicted that supply constraints would gate our sales of certain products during Q1. Again, this also played out broadly in line with our expectations. Sales of Apple Watch Series 4 and iPad Pro were constrained much or all of the quarter. AirPods and MacBook Air were also constrained.

    Fourth, we expected economic weakness in some emerging markets. This turned out to have a significantly greater impact than we had projected.

    In addition, these and other factors resulted in fewer iPhone upgrades than we had anticipated.

    These last two points have led us to reduce our revenue guidance. I'd like to go a bit deeper on both.

    *Emerging Market Challenges*

    While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.

    China's economy began to slow in the second half of 2018. The government-reported GDP growth during the September quarter was the second lowest in the last 25 years. We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed. And market data has shown that the contraction in Greater China's smartphone market has been particularly sharp.

    Despite these challenges, we believe that our business in China has a bright future. The iOS developer community in China is among the most innovative, creative and vibrant in the world. Our products enjoy a strong following among customers, with a very high level of engagement and satisfaction. Our results in China include a new record for Services revenue, and our installed base of devices grew over the last year. We are proud to participate in the Chinese marketplace.

    *iPhone*

    Lower than anticipated iPhone revenue, primarily in Greater China, accounts for all of our revenue shortfall to our guidance and for much more than our entire year-over-year revenue decline. In fact, categories outside of iPhone (Services, Mac, iPad, Wearables/Home/Accessories) combined to grow almost 19 percent year-over-year.

    While Greater China and other emerging markets accounted for the vast majority of the year-over-year iPhone revenue decline, in some developed markets, iPhone upgrades also were not as strong as we thought they would be. While macroeconomic challenges in some markets were a key contributor to this trend, we believe there are other factors broadly impacting our iPhone performance, including consumers adapting to a world with fewer carrier subsidies, US dollar strength-related price increases, and some customers taking advantage of significantly reduced pricing for iPhone battery replacements.

    *Many Positive Results in the December Quarter*

    While it's disappointing to revise our guidance, our performance in many areas showed remarkable strength in spite of these challenges.

    Our installed base of active devices hit a new all-time high—growing by more than 100 million units in 12 months. There are more Apple devices being used than ever before, and it's a testament to the ongoing loyalty, satisfaction and engagement of our customers.

    Also, as I mentioned earlier, revenue outside of our iPhone business grew by almost 19 percent year-over-year, including all-time record revenue from Services, Wearables and Mac. Our non-iPhone businesses have less exposure to emerging markets, and the vast majority of Services revenue is related to the size of the installed base, not current period sales.

    Services generated over $10.8 billion in revenue during the quarter, growing to a new quarterly record in every geographic segment, and we are on track to achieve our goal of doubling the size of this business from 2016 to 2020.

    Wearables grew by almost 50 percent year-over-year, as Apple Watch and AirPods were wildly popular among holiday shoppers; launches of MacBook Air and Mac mini powered the Mac to year-over-year revenue growth and the launch of the new iPad Pro drove iPad to year-over-year double-digit revenue growth.

    We also expect to set all-time revenue records in several developed countries, including the United States, Canada, Germany, Italy, Spain, the Netherlands and Korea. And, while we saw challenges in some emerging markets, others set records, including Mexico, Poland, Malaysia and Vietnam.

    Finally, we also expect to report a new all-time record for Apple's earnings per share.

    *Looking Ahead*

    Our profitability and cash flow generation are strong, and we expect to exit the quarter with approximately $130 billion in net cash. As we have stated before, we plan to become net-cash neutral over time.

    As we exit a challenging quarter, we are as confident as ever in the fundamental strength of our business. We manage Apple for the long term, and Apple has always used periods of adversity to re-examine our approach, to take advantage of our culture of flexibility, adaptability and creativity, and to emerge better as a result.

    Most importantly, we are confident and excited about our pipeline of future products and services. Apple innovates like no other company on earth, and we are not taking our foot off the gas.

    We can't change macroeconomic conditions, but we are undertaking and accelerating other initiatives to improve our results. One such initiative is making it simple to trade in a phone in our stores, finance the purchase over time, and get help transferring data from the current to the new phone. This is not only great for the environment, it is great for the customer, as their existing phone acts as a subsidy for their new phone, and it is great for developers, as it can help grow our installed base.

    This is one of a number of steps we are taking to respond. We can make these adjustments because Apple's strength is in our resilience, the talent and creativity of our team, and the deeply held passion for the work we do every day.

    Expectations are high for Apple because they should be. We are committed to exceeding those expectations every day.

    That has always been the Apple way, and it always will be.

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