Photo: Beck Diefenbach, Reuters
Citigroup has a new, quite bearish note on Apple this morning.We ran through the meat of the note already. In a nutshell, demand for iPads and iPhones is falling, says Citi after talking to supply chain sources.
As a result, Citi cut its estimates. And the result of those estimate cuts is quite dire.
Citi is now calling for $40.45 billion in sales for the March quarter. Apple guided to between $41 and $43 billion in sales for this quarter. If Citi’s forecast is accurate, then Apple would miss its own revenue guidance.
Apple has been missing analyst expectations lately, but we can’t remember it ever missing its own guidance.
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