Apple CEO Tim Cook made a rare move today by responding to an email from CNBC’s Jim Cramer. Cook’s letter, a copy of which was obtained by Business Insider, addresses the company’s quarter so far and basically says that everything’s fine with Apple’s business and performance in China.
Cook says that he gets a daily update on Apple’s performance in China and adds that the company has continued to see a “strong growth” in the country. In fact, the CEO says that the growth in iPhone activations over the past few weeks have actually increased and the App Store’s performance during the last 2 weeks in the country was the best of the year so far.
Shares of Apple are currently down about six percent amid a wider Dow Jones and stock market downturn. $AAPL closed at $105.76 on Friday but tanked below $100 in pre-market trading today. The last time the shares fell below $100 was in October of last year. In June 2014, Apple announced a 7-for-1 stock split.
Cook says that he gets a daily update on Apple’s performance in China and adds that the company has continued to see a “strong growth” in the country. In fact, the CEO says that the growth in iPhone activations over the past few weeks have actually increased and the App Store’s performance during the last 2 weeks in the country was the best of the year so far.
Jim,Slowing economy has prompted the Chinese government to unexpectedly devaluate the yuan currency twice in the past few weeks, a move that triggered a wider sell-off across the markets.
As you know, we don’t give mid-quarter updates and we rarely comment on moves in Apple stock. But I know your question is on the minds of many investors.
I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August. Growth in iPhone activation has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last two weeks.
Obviously, I can’t predict the future, but our performance so far this quarter is reassuring. Additionally, I continue to believe that China represents an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge.
Shares of Apple are currently down about six percent amid a wider Dow Jones and stock market downturn. $AAPL closed at $105.76 on Friday but tanked below $100 in pre-market trading today. The last time the shares fell below $100 was in October of last year. In June 2014, Apple announced a 7-for-1 stock split.
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