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Brexit could hurt iPhone sales

That’s the word on the street from Citigroup Global Markets analyst Jim Suva, reports Business Insider. Suva issued a research note to clients this week stating that it is cutting Apple‘s sales and margin projections for this quarter. His main reason for this cut was the macroeconomic uncertainty around the globe that will be brought on by Brexit. In Suva’s research note he wrote:

We are lowering our estimates for June and September quarters given potential for lower demand from macro uncertainty (Brexit related), currency volatility and lengthening replacement cycles.

[Image: Apple]MG