This was sharply lower than analyst forecasts of around $91 billion.
Apple's surprise announcement added to concerns about the ability of U.S. companies, particularly its technology giants, to navigate an increasingly uncertain economy and a continuing trade war between the United States and China.
This also comes at a time when Apple had already indicated that iPhone sales were weak in other worldwide markets, including India, Russia, Brazil and Turkey.
Apple's suppliers also saw a drop in stock prices in the wake of Cook's announcement, with semiconductor companies Micron Techology and Cirrus Logic taking a hit of 3 percent and 6.4 percent respectively.
In response to these trends, the business is seeking to make it easier to trade in used iPhones at Apple stores, as well as allow payments to be made over a longer period. Counterpoint reported iPhone sales dropped by 17% year-over-year during the third quarter due to the weak initial performance of the new models.
The CEO attributed much of the company's "shortfall" in its outlook to struggles in China that he pinned on the economy and "rising trade tensions" with the U.S.
Apple blamed slow iPhone sales-especially in China-as well as fewer-than-expected iPhone upgrades for the shortfall.
In August, Apple became the first private sector company worth $1 trillion.
But China isn't the only problem market for Apple. Apple shares have dropped almost 10% as of the time of writing, putting the tech giant on track for its worst daily loss in more than half a decade. In the United States government bond market, a typical safe-haven, the yield on the benchmark 10- year, which moves inversely to the bond's price, sank to an 11-month low. These figures apply to the first quarter of fiscal 2019.
Apple's revised battery program began at the beginning of 2018 and lasted just one year.
In the latest fiscal year, ended September 29, unit sales of the iPhone were essentially flat from the prior year, while iPhone revenue expanded 18 percent to $166.7 billion.
"While Apple anticipated some challenges in key emerging markets, it did not foresee the magnitude of the economic deceleration, particularly in Greater China", said Cook. Bernstein Liebhard wrote in a recent press release: "Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Apple... resulting from allegations that Apple and/or its executives may have issued materially misleading business information to the investing public".
Analyst Daniel Ives from Wedbush Securities called the revenue miss "jaw dropping".
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