=Apple (AAPL) cuts its revenue guidance for the first time since 2002

• Apple lowered its Q1 fiscal revenue guidance to $84 billion from the previously forecast range of $89-$93 billion. CEO Tim Cook, in a CNBC interview, said the shortfall is solely due to weaker-than-expected iPhone revenue, primarily in Greater China. Mr. Cook added that he believes trade tensions between the United States and China have put additional pressure on China's economy. 
• The lowered outlook from the company that is known for beating expectations was attributed to weak demand in China. The cautious outlook suggests that the tech industry in general is facing a slowdown. Recall that Micron (MU 31.10, -1.65) lowered its guidance in mid-December while NVIDIA (NVDA 129.22, -7.00) cut its guidance in November. Meanwhile, Korean press reported overnight that Samsung will look to reduce its chip inventory amid a supply glut.