Kuo has advised the investors to reduce their stock holdings of companies in Apple's supply chain 'due to risks of a WeChat ban'.
The services business has grown over the past two years, reaching $12.7 billion in revenue in the quarter.
Apple co-founder Steve Wozniak joins gender discrimination debate; says Apple Card algorithm gave wife lower credit limit
The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc
While the operation revenue fell 19 percent, Apple India’s profit dropped by more than 70 percent.
The iPhone shipments witnessed a drop of 16 percent from 52.2 million units from the previous year.
2019 will be another down year overall for smartphone shipments, apart from strong growth by Huawei.
The iPhone XS, XS Max (Review) and iPhone XR accounted for 59 percent of the total US iPhone sales.
Apple said to end iPhone 6, 6 Plus sale, move out of stores that sell less than 35 units a month.
Apple's COO concede Apple products rising price point, discusses inaccuracy of analyst cost estimates
Apple has so far only once before cut iPhone prices, which was shortly after it debuted in 2007.
iPhone shipments in India reportedly also fell by as much as 50 percent since last year.
Apple iPhone shipments to India fell from about 3.2 million in 2017 to just 1.6 million in 2018.
Overall planned production volume of old and new iPhones is likely to be cut to 40-43 mn units.
The iPhone X experienced “almost 50% higher volume” in November 2017 than the iPhone XR did in 2018.
Global markets on edge as US economic data slams Wall Street; investors wager on Fed rate cut as slowdown fears rise
Concerns about a US recession whacked Wall Street overnight, with the Dow skidding 2.8 percent, the S&P 500 own 2.5 percent and Nasdaq losing more than 3 percent.
Apple has lost roughly a fifth of its market value since the start of October.
Last week, Apple informed several suppliers that it lowered its production plan for the iPhone XR.
AMS guidance suggested between 11 and 18 million fewer iPhones would be produced in the fourth quarter.
Indians baulk at high prices for the iPhone, driven by trade tariffs and a weak rupee.
Those who want to buy the new iPhones will buy them, but it's the older ones that will drive sales.