You may have heard overnight that there was a little news about the first second third fourth-ranked U.S. company by market capitalization. In a blab-fest worthy of Dr. Phil, Apple CEO Tim Cook issued a 1,370-word letter to investors about a surprise 5% revenue drop, then went on CNBC for another 15 minutes of excuse-making.
Instead of bringing in $91.5 billion in the holiday quarter, as Wall Street analysts expected, Apple’s (AAPL, -9.44%) revenue totaled just $84 billion. That’s down from an all-time record of $88.3 billion a year earlier. The main culprit was slipping sales in China, Cook said.