The shockwave that hit the equity market recently was the decision that UK had taken about their exit from the European Union. Due to this move, before their gains could be reclaimed, they say a very bad fall. The estimates had been cut by Citi’s Analysts for the third and Fourth quarters of the fiscal earnings of Apple One of the prime reasons for this cut as per them was due the uncertainty of the macroeconomic that was related to Brexit.
In one of the notes that were sent to the clients, Citi analysts stated that the cause of the contraction or deceleration which is expected to be greater is said to be due to the consumer demands shifting or the conditions of Macroeconomic in the smartphone and handset markets. On the prospective growth of Apple, the impact that this can cause world be pretty negative, which will result in the tart price of the shares falling.
It was also seen that on the trading front, the shares of Apple was said to be low, the stock of the tech giant this year has been under immense pressure since it has seen a fall of more than 9%. With this, it is safe to conclude that Brexit may just be the reason as to why Apple will be hit.
