[Annotated] A profit warning from Apple jolts markets

The tech giant revises down^[각주:1] its earnings forecast^[각주:2] because of poor sales in China

Investors were skittish as 2018^[각주:3] drew to a close^[각주:4], fretting about^[각주:5] global economic prospects^[각주:6]. Fears about a slowdown in^[각주:7] China have swirled in recent weeks^[각주:8]: the pace of GDP growth^[각주:9] fell over the course of 2018, as did retail and vehicle sales. The purchasing managers' index survey, released on January 2nd, suggested that manufacturing activity in^[각주:10] China had contracted in^[각주:11] December. 

Later that day Apple said it was revising down its earnings expectations in the fourth quarter of 2018, largely because of lower sales and signs of economic weakness in China. The news rapidly infected financial markets^[각주:12]. Apple's share price fell by around 7% in^[각주:13] after-hours trading^[각주:14] and the decline was extended to more than 10% when the market opened. The dollar fell by 3.7% against the yen in a matter of minutes after^[각주:15] the announcement, before rapidly recovering some ground^[각주:16]. Asian stockmarkets closed down on^[각주:17] January 3rd and European ones opened lower. Yields on^[각주:18] government bonds^[각주:19] fell as investors fled to^[각주:20] the traditional haven in^[각주:21] a market storm^[각주:22]. 

In a letter to investors Tim Cook, the company's chief executive, said he expected revenues in the fourth quarter of 2018 to be $84bn - around 10% lower than the company had pencilled in two months ago. Mr Cook pointed the finger at^[각주:23] escalating^[각주:24] trade tensions between America and China, which he said had hit retail footfall^[각주:25]. Sales in China account for around a fifth of the company's total revenue. 

President Donald Trump's trade war may be inflicting damage on^[각주:26] companies at home. Kevin Hassett, his economic adviser^[각주:27], warned that "a heck of a lot of companies^[각주:28]" may join Apple in announcing lower-than-expected profits because of the trade dispute^[각주:29]. A sharp decline in^[각주:30] America's purchasing managers' index^[각주:31] added to investors' worries and exacerbated market falls in^[각주:32] early Wall Street trading^[각주:33]. 

Slowing consumer demand^[각주:34] may also be accelerating trends in^[각주:35] the smartphone industry. Shipments have declined over^[각주:36] the past year as the market has matured^[각주:37], and Apple is particularly dependent on its iPhone business. More than half of its revenues come directly from iPhone sales; another chunk comes from^[각주:38] services sold to iPhone owners. 

Apple's troubles in China may also be a sign that the company is losing out to^[각주:39] home-grown competitors^[각주:40], which have seen rising sales volumes^[각주:41]. Apple lost market share steadily in 2018. Some analysts parsed this as^[각주:42] a possible sign that Apple's price hikes^[각주:43], an attempt to shore up revenue^[각주:44] in the face of falling smartphone volumes^[각주:45], are no longer paying off^[각주:46]. If they are right, that would be bad news for Apple's investors. But if they are not, what the company's announcement says about the global economy should worry all investors^[각주:47]. 

1. revise (sth) down ; to decrease an estimate in order to correct or improve it [본문으로]
2. earnings forecast ; An earnings estimate is an analyst's estimate for a company's future quarterly or annual earnings per share (EPS). Future earnings estimates are arguably the most important input when attempting to value a firm. [본문으로]
3. skittish ; 1. (말이) 겁이 많은, 잘 놀라는 ;; 2. (사람이) 경박한, 변덕스러운 ;; 3. (특히 美, 상업) 급변하기 쉬운 ;; [ADJ] If you describe a person or animal as skittish, you mean they are easily made frightened or excited. ;; 미국∙영국 [ˈskɪtɪʃ] [본문으로]
4. draw to a close ; 끝에 가까워지다, 끝나간다 [본문으로]
5. fret about ; …에 대해 초조해하다. [본문으로]
6. prospect ; 3. [pl.] prospects ~ (for/of sth) (성공할) 전망 ;; [NOUN] [with supp, oft N of n/-ing] If there is some prospect of something happening, there is a possibility that it will happen. [본문으로]
7. slowdown ; 3. 경제 성장의 둔화, 경기 후퇴 ;; [NOUN] A slowdown is a reduction in speed or activity. [본문으로]
8. swirl ; [자, 타동사][usually + adv. / prep.] (빠르게) 빙빙 돌다, 소용돌이치다; 빙빙 돌게[소용돌이치게] 하다 ;; [VERB] If you swirl something liquid or flowing, or if it swirls, it moves round and round quickly. [본문으로]
9. pace ; 2. [sing., U] ~ (of sth) (일의) 속도 [본문으로]
10. manufacturing ; [형용사] 제조 (공업)의, 제조[제작]하는. ;; [명사] 제조[가공](업). [본문으로]
11. contract ; [자동사] 1. 줄어들다, 수축하다(opp. expand) [본문으로]
12. inflect ; 4. 영향을 미치다(affect), 감화하다 [본문으로]
13. share price ; [명사] 주가 [본문으로]
14. after-hours trading ; (경제) 시간외거래 [본문으로]
15. in a matter of minutes ; 몇 분만에, 몇 분안에 [본문으로]
16. recover ; 3. [타동사][VN] ~ sth (from sb/sth) (손실 등을) 되찾다[만회하다] ; 유의어 recoup [본문으로]
17. close down ; if a shop/store, business, etc. closes down, or somebody closes it down, it stops operating as a business, usually permanently ;; 반의어 open up ; 참조 관련 명사는 close-down ; 상호참조 close (4) [본문으로]
18. yield ; 1. 산출; 산출액, 생산량, 수확 ;; 2. 보수; 이윤율, 이익 배당 [본문으로]
19. government bond ; 국채 [본문으로]
20. flee to ; …로 달아나다. [본문으로]
21. haven ; [명사] 안식처, 피난처 ; 참조 safe haven, tax haven [본문으로]
22. storm ; 5. (정치·사회의) 불온 상태, 격동, 소란. ;; 7. 소동, 동요, 파동, 파란(commotion, agitation, upheaval). [본문으로]
23. point the[a, one's] finger at ;; …을 비난[비판]하다, 책망하다 [본문으로]
24. escalate ; ~ (sth) (into sth) 확대[증가/악화]되다[시키다] [본문으로]
25. footfall ; 2. [U] (英, 상업) (어느 기간 동안 특정 상점을 찾는) 고객 수 ;; [NOUN] A footfall is the sound that is made by someone walking each time they take a step. [본문으로]
26. cause[do] damage to = inflict damage on ;; …에 손해를 끼치다[피해를 입히다]. [본문으로]
27. economic adviser ; 경제 고문 [본문으로]
28. a heck of a(n) ; (구어) 대단한, 엄청난 [본문으로]
29. trade dispute ; [명사] 무역 분쟁 [본문으로]
30. sharp decline ; (시세 등의) 급낙. ;; 폭락, 대폭 하락 [본문으로]
31. Purchasing Managers' Index ; (경제) 구매관리자지수 (PMI) [본문으로]
32. exacerbate ; [타동사][VN] (격식) (특히 질병·문제를) 악화시키다 ; 유의어 aggravate ;; [VERB] If something exacerbates a problem or bad situation, it makes it worse. [본문으로]
33. trading ; [U] (상)거래, 영업 [본문으로]
34. consumer demand ; 실수, 소비자수요. [본문으로]
35. accelerate ; 1. … 의 속력을 빨리하다, 가속하다(increase the speed of)(opp. decelerate, retard) ; 촉진시키다(hasten). ;; [VERB] If the process or rate of something accelerates or if something accelerates it, it gets faster and faster. [본문으로]
36. shipment ; 2. [C] 수송품, 적하물 [본문으로]
37. mature ; 1. 무르익다, 원숙하다, 충분히 발달하다, (술이) 다 익다. [본문으로]
38. chunk ; 2. (비격식) 상당히 많은 양 ;; 3. 상당한 금액(의 돈) [본문으로]
39. lose out to sb/sth ; (자기 몫을 뺏기고) ~에게 밀려나다 [본문으로]
40. home-grown ; [형용사] 2. (제작·훈련·교육을) 자기 지방[국내]에서 한 [본문으로]
41. sales volume ; 1. 판매고, 매상고, 매상량 ;; 2. (본래의) 생산고 [본문으로]
42. parse ; 1. (문법) (단어의) 품사(어미 변화, 문법적 관계 등)를 설명하다 ; (문장을) 구성 요소로 분석하다(analyze). ;; 2. (일반적으로) …을 세밀히 조사하다. [본문으로]
43. hike ; [명사] 2. ~ (in sth) (비격식, 특히 美) (가격경비 등의) 대폭 인상[급등] [본문으로]
44. shore up ; 1.to support part of a building or other large structure by placing large pieces of wood or metal against or under it so that it does not fall down ;; 2.to support something that is weak or failing [본문으로]
45. in the face of sth ; 1. (문제·어려움 같은) ~에도 불구하고[~에 직면하여] ;; 2. (~ 라는 결과) 앞에서 ;; even though something, usually a danger, problem or unpleasant situation, etc. exists [본문으로]
46. pay off ; 성공하다[성과를 올리다] [본문으로]
47. worry ; [타동사] 1. …을 괴롭히다, 걱정시키다, …을 속태우게 하다, …에 귀찮게[성가시게] 조르다[about, over, to do, that (節)]. ; 유의어 BOTHER [본문으로]