In late December, Apple requested that its suppliers manufacture fewer-than-planned units of iPhone XS, iPhone XS Max and iPhone XR after which the tech company cut its quarterly sales forecast during the week ended on January 6th, thus, signaling slowing demand for its devices in the largest smart phone market globally - China.
Unfortunately, it looks like even Apple isn't immune to market saturation and has taken a hit due to people choosing not to upgrade. That appears to tally with estimates from research firm Canalys, which has forecast smartphone shipments in China to fall by 3 percent this year, according to Reuters.
Apple's newest smartphone, the iPhone XR made a whole lot of buzz past year when it launched because of its different design and looks along with the lower than the usual price tag.
Apple shares plunged over 9 percent earlier this month as Wall Street was rattled by the Silicon Valley giant's shock revenue warning.
Reuters reported last month that Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn this year, citing a person familiar with the matter.
The report comes after chip suppliers Samsung Electronics and Skyworks Solutions flagged weak first-quarter chip demand for smartphones.
Foxconn, formerly known as Hon Hai Precision, is nearly as well known as Apple these days and is the rather infamous Taiwanese-based manufacturer of iPhones and other Apple-designed products.
Among iPhone component suppliers in Asia, South Korea's LG Display Co Ltd 034220.KS closed up 0.5 percent, while Japan Display Inc 6740.T was flat.
Speaking to CNBC Tuesday, Cook said the company was planning to announce "new services" later this year, without elaborating on what those might be. Apple's revenue for the quarter was up 19.6% compared to the same quarter a year ago.