Here’s Tim Cook’s Memo to Employees About iPhone Sales Slowdown

Apple Chief Executive Officer Tim Cook told employees he won’t blame “external factors” for selling fewer iPhones than anticipated during the holiday quarter.

In a memo obtained by Bloomberg News, Cook expressed his disappointment after Apple cut its revenue outlook for the first time in almost two decades. That arose from “a number of factors — some macroeconomic, and some specific to Apple and the smartphone industry.” But the CEO added that the company would set record revenues for its services, wearables and Mac businesses.

Cook also invited employees to a rare all-hands meeting Thursday, where he intends to share more details about the quarter and take questions.

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