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Dropping iPhone Demand in China Shows Growing Buyer Concerns
06 January 2019, 08:11 | Joann Bryant
Tim Cook blamed an economic downturn in China
Specifically, Cook said that poor iPhone sales in China was the main reason behind Apple's revised guidance.
Kay said the trillion-dollar valuation was "irrational" and based on growth projections Apple is unlikely to achieve without a new catalyst.
"I think that's part of the reason why you've seen Canada hold up relatively well in the first couple of days of this year because the commodities complex, particularly gold and oil, have acted fairly well in the context of a bit of a weaker USA dollar", he said. You know, they've gone up hundreds of percent since [I've become] president. That sparked concern Apple wanted to avoid disclosing weak growth numbers.
In his letter, Cook said Apple has $130 billion in net cash and that it intends to continue its efforts to reduce that cash balance to net zero, which the company has so far accomplished through dividend increases and share buybacks.
Trump had more to say beyond promising that the company would be fine in the long run.
Other major exporters, including heavy-machinery manufacturers and tech companies like Intel and Microsoft, also took big losses. "I have to worry about our country".
He added that Apple was taking steps to make it easier for customers to trade in their phones and said other parts of the firm's business, including services, remained strong. "I toldTim Cook, who is a friend of mine, who I like a lot: 'Make your product in the United States, build those big, handsome plants that go on for miles it seems, build those plants in the United States'". Build those big, handsome plants that go on for miles, it seems. Build those plants in the United States. I hope Apple has better ideas than this. "It will be interesting to see how Apple shares react if there's a China trade agreement". It's clear that the economy began to slow there in the second half and I believe the trade tensions between the United States and China put additional pressure on their economy.
The trade war with Washington has shaken a "sense of China's invincibility", said Mark Natkin, managing director of Marbridge Consulting, a research firm in Beijing.
Apple ended Wednesday's session with a share price of $157.92, which was already a 30% decline from an all-time high of $227.63 on August 27.
On Thursday, Henry Zhu, a student from Shenzhen, was browsing a Xiaomi store at the upscale Parkview Green mall in Beijing as he considered the relative attractiveness of Apple's latest products.
Now the ongoing trade war between the USA and China may be having even more of an impact.
Trump, however, wasn't finished with his Apple comments.
Emily Li, a 37-year-old advertising designer in Beijing, said she is putting off replacing her auto or making other major purchases. What's more, the company has set aside $100 billion for stock buy-back purposes.
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