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>> Apple threatening to lose its trillion dollar status Friday after shares of the iPhone maker plunged a day after it warned sales of its iPhone, iPad, and other products for the crucial holiday season would likely come up short of Wall Street's expectations. Reuters correspondent, Stephen Nellis.>> Investors were watching this quarter really closely for the forecast.
Because they wanna know if Apple's gonna sell a whole lot of iPhones and iPads and other stuff over the holidays. This is, traditionally, the biggest single quarter in all of Apple's fiscal year. It's people buying presents for the holiday season. And it's a make or break time and Apple's saying, it might be a break.
>> We have the strongest line-up by far.>> In an interview with Reuters, CEO Tim Cook blamed the dim forecast on weakness in emerging markets, volitile foreign exchange rates, and the timing around the release of its new iPhones.>> One of the reasons Apple gave for the gloomy forecast for the holiday season is the fact that it actually sold more phones than it usually would have in this quarter that just ended.
And that's because the iPhone XS and XS Max actually went on sale in late September. So there were several days that people, who are superfans of Apple, buying up those phones and actually making the results this quarter a little bit better than analysts had expected which the company says, it's actually gonna make next quarter's results essentially a little bit worse.
>> The fall wiped out about $70 billion in the value of Apple shares while other big names in the tech world sold off, too, like Facebook and Alphabet. But Apple was the biggest drag on all the major US stock indexes.