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Apple shares fell another 3 percent on Thursday. In the background, there was the news that some authorities and state-owned companies in China are banning the use of iPhones. Expanding these measures will mean heavy losses for Apple. China is the company’s most important market outside the US.
The price loss had already started on Wednesday, and within two days it had climbed over six percent. The group’s market capitalization fell by more than $200 billion (187 billion euros) to $2,776 trillion.
Authorities ban professional use of iPhone
The Wall Street Journal reported Wednesday that Chinese authorities are banning their employees from using iPhones at work. In some cases, they are no longer even allowed to take their Apple smartphones to work. Investors now worry that Chinese restrictions could hurt Apple’s sales prospects.
“Apple’s growth is heavily dependent on China, and if pressure from Beijing increases, it could also be a big problem for some tech companies that depend on China,” said Edward Moya, analyst at financial services firm Oanda. But Dan Ivey of investment bank Wedbush argued that the presence of iPhones in Chinese officials is only a small part of Apple’s market in China.
According to media reports, Beijing had instructed its central government to convert foreign manufacturers’ IT equipment into “Made in China” computers in 2022. US President Joe Biden’s government, on the other hand, introduced export controls late last year to restrict China’s ability to purchase and manufacture high-quality computer chips that could be used in military applications.
(AFP/wgr)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
