Apple warns on holiday sales amid weakness in emerging markets

By Stephen Nellis (Reuters) - Apple Inc on Thursday warned that sales for the crucial holiday quarter would likely miss Wall Street expectations, which Chief Executive Tim Cook blamed on weakness in emerging markets and foreign exchange costs. The weak forecast by the world's most valuable technology company sent shares down as much as 7 percent, taking roughly $70 billion off Apple's market value and deepening concerns for technology companies set by results from Amazon.com Inc and Google parent Alphabet Inc . Apple said it expects between $89 billion and $93 billion in revenue for its fiscal first quarter ending in December, with a midpoint of $91 billion coming in below Wall Street expectations of $93 billion, according Refinitiv data.

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