Apple CEO Tim Cook: 'We're seeing extreme conditions, unlike anything we've seen before'
(REUTERS/Lucy Nicholson)
Apple's holiday-quarter revenue of $75.9 billion missed analyst expectations as well as the company's own guidance.
According to CEO Tim Cook, a major factor in the company's miss was "the turbulent world around us," which is making it more expensive for Apple to sell its products overseas.
"We're seeing extreme conditions unlike anything we have ever experienced before," Cook said on a conference call discussing Apple's earnings report.
Those conditions show up in foreign-exchange rates.
Cook pointed out that, for example, the Brazilian real is down more than 40%, and the Russian ruble is down more than 50%.
"Especially during a period of economic uncertainty, we believe it is important to appreciate that a significant portion of Apple's revenue recurs over time," Cook added.
To drive home the point that foreign-exchange rates had a huge effect on Apple's revenue, the company provided this chart to investors:
(Apple)
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