Apple AAPL faces lower iPhone sales estimates from Citi after delaying a major Siri upgrade to 2026. The bank now expects shipments of 232 million units in 2025, down from previous forecasts, citing missed opportunities to boost refresh cycles.
Meanwhile, Apple has agreed to a $490M settlement with investors over claims that CEO Tim Cook misled them about declining iPhone demand in China.
Apple stock tumbled 5% in the morning hours of trade today.
