Due to the iPhone ban imposed on Chinese officials, Apple’s capital fell by 6.8%, or $200 billion, in two days. CNBC.
According to the channel, the company’s market capitalization fell 4% on September 6 and 3% on September 7.
China is stated to be the most dynamically growing market for the company’s products. Thus, sales in the second quarter of 2023 increased by 8% year-on-year to $15.76 billion.
Bernstein analyst Tony Sacconaghi commented on the ban on iPhone use by Chinese authorities, noting that this could also negatively impact sales to other consumer categories in China (relatives of civil servants and the general population), and that the PRC government could be part of a broader policy. We encourage the sale of domestic products, especially the Huawei Mate 60 Pro.
Before it happened It is known that China will ban iPhone to millions of civil servants and employees of state-owned companies.
Formerly Bloomberg WroteApple shares suffered the strongest drop in a month.