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Business Report: Apple Upgrades Troubles

Associated Press
An Apple iPhone X on display during an Apple event at their main store in Chicago, Tuesday, March 27, 2018.

KPBS anchor Ebone Monet and SDSU marketing lecturer and co-founder of BottomLine Marketing, Miro Copic, discuss some of the week’s top business stories.

This week’s topics:

Apple’s Stock Drop After Slow Sales


Apple stocks slide on Wall Street Thursday after the company reported a slowdown with iPhone sales in China. Apple CEO Tim Cook sent a letter to investors sounding the alarm. In the letter, the company discussed lowering its expected revenue to $84 billion from its initial projections of up to $93 billion for its quarter ending December 29. Will this trouble translate into less expensive iPhones?

Tesla Cuts Prices

Has the demand for a brand new Tesla gone down? Last year, Tesla made about 9,300 more vehicles than it delivered. Tesla reported that it produced 254,530 cars and SUVs last year and delivered 245,240. The company responded on Wednesday by cutting prices. Tesla cut $2,000 from the cost of each of its models. The company said the deduction will help make up for the reduction of a federal tax credit from $7,500 to $3,750. This tax break is set to phase out at the end of the year.

U.S. Government Shutdown Week Two

The partial government shutdown continues. Congressional leaders have not been able to broker a deal with President Trump. The president said he wants the budget to include billions of dollars to build a wall along the U.S. and Mexico border. Thursday, Democratic leader Nancy Pelosi told reporters outside the White House there will be “nothing for the wall.” The new Congress convened Thursday with Democrats taking majority control of the House. Pelosi said they will pass legislation to quickly re-open the government. In the meantime, how does the partial shutdown impact the economy?

VIDEO: Business Report: Apple Upgrades Troubles
Business Report: Apple Upgrades Troubles
The stock market responds to Apples announcement of lower than expected quarterly sales