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But it's running into big trouble in China.

Apple dropped 10 percent, erasing $74.6 billion in value.

Apple chief Tim Cook addressed the issue in a letter to company shareholders on Wednesday.

Like at other consumer goods companies, the festive season is typically Apple's strongest quarter, but revenues of $84 billion would mark an nearly five percent fall from the same period last year and represent the firm's first year-on-year quarterly decline since 2016. Jaguar Land Rover briefly shut a factory in Britain after September sales in China dropped by a half.

While disclosing a plunge in demand for the iPhone during Apple's recently completed quarter, CEO Tim Cook avoided any mention of whether increased iPhone prices might have played a role. On its website in China, Apple now advertises the iPhone XR for 4,399 yuan with the trade-in of an iPhone 7 Plus.

In a note titled "Apple's Miss: Bridging the Gap Between Perception and Reality", long-time Apple analyst Gene Munster from Loup Ventures said while the revenue miss was largely expected, the magnitude of the miss was disappointing. While this achievement was widely celebrated, it wasn't long before the bad news started piling in, leading to a substantial decline in Apple stock. Adidas saw 26 percent growth in China while Western Europe, its home market, was staying flat or shrinking.

The iPhone maker has come up with what it hopes to be a solution to tepid sales in its second-largest market: get people to trade in their Android phones for credit to help them buy a newly-released iPhone.

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This represents the biggest stock market dive since 5 December when USA stocks suffered a dramatic decline; the Dow Jones fell 800 points back then due to renewed concerns over Washington's trade dispute with China and indications of a possible looming economic recession.

Cook told CNBC that trade tensions between the two economic heavyweights are putting "additional pressure on their economy". "We believe the economic environment in China has been further impacted by rising trade tensions with the United States", he wrote.

Apple and smartphone competitors market shares in China.

The country is still one of the world's fastest growing economies. To put it that number into perspective, Facebook is now worth $380 billion ($70 billion less than what Apple lost in the last quarter).

"This year has the potential to be a tough year for western brands", said Benjamin Cavender, a Shanghai-based analyst at consultant China Market Research Group.

The Dow Jones Industrial Average tumbled more than 660 points as Apple stock dropped almost 10 percent - the biggest single day decline for the company since 2013 - just one day after it slashed its revenue forecast. All three major indexes were lower, too. Japanese markets have tumbled as they reopened after the New Year holidays, while other Asian indexes are mixed after...