After warning investors to expect lower revenue for Apple's fiscal first-quarter earnings, CEO Tim Cook said he plans to focus on the factors he can control, rather than wait for trade tensions between the U.S. and China to settle.
"We're not going to sit around waiting for the macro to change," Cook told CNBC's Josh Lipton in an interview Wednesday. "I hope that it does, and I'm actually optimistic, but we're going to focus really deeply on the things that we can control."
In a letter to investors released after hours Wednesday, Apple blamed factors including a slowing economy in China and fewer carrier subsidies for its weakened revenue projection. The company announced it was lowering revenue guidance for Q1 to $84 billion, down from its previous projection of $89 billion to $93 billion. Apple also lowered its gross margin to about 38 percent from between 38 and 38.5 percent. Apple stock was down 10 percent at Thursday's close.