Apple holiday sales forecast disappoints; this is the reason

Apple on Thursday gave a sales forecast for the holiday quarter that missed Wall Street expectations, hurt by weak demand for iPads and wearables, sending its shares down about 3% in after-hours trading.

Chief Executive Tim Cook insisted that the company’s new iPhone 15 models were doing well in China, seeking to ease Wall Street worries that Apple was losing market share to a resurgent Huawei and other local smartphone sellers. Apple’s revenue from China dipped 2.5% overall in the fiscal fourth quarter ended Sept. 30, though Cook said it grew after accounting for foreign-exchange rates.