Apple’s iPhone target billions short of Wall Street

News Snapshot:

Apple has forecast a drop in iPhone sales and targeted overall revenue $6 billion below Wall Street expectations as its China business took a hit. This overshadowed overall fiscal first-quarter sales and profit that beat analysts' targets, powered by iPhone growth, sending Apple shares down 3% in after-hours trade. The results confirmed some analysts' concerns that the company's signature product is losing ground in the key Asian market where consumers are buying foldable phones and phones from Huawei, powered by a China-made chip. "China is the most competitive smartphone market in the world, and that hasn't changed," Apple CEO Tim...