People stand outside an Apple Store as Apple's new iPhone 15 officially goes on sale across China, in Shanghai, China September 22, 2023. REUTERS/Aly Song
Apple shares, which have risen 37 per cent so far this year, dropped 2.8 per cent after-hours, following the forecast. Cook said the company's new high-end handset models - the iPhone 15 Pro and Pro Max devices - are facing supply constraints. Apple is facing tougher competition in the smartphone market this year as Huawei Technologies returns to the field with new phones powered by Chinese-made chips after being all but shut out of the market for several years by U.S. government trade curbs.
For now, the iPhone remains Apple's biggest seller. Sales of the device were $43.81 billion in the fourth quarter, in line with analyst expectations, according to LSEG data.
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