Trump advisor says China stole Apple technology, but provides zero evidence

Trump advisor says China stole Apple technology, but provides zero evidence

In a carefully crafted letter, CEO Tim Cook said economic turmoil in China wreaked havoc on the company's top line. In late December, the promotional program for the new models went live in China, adding one major perk: users in China cannot only trade in their old iPhones, but also Android phones made by Apple's major competitors in China, including Huawei, OPPO and Xiaomi.

A senior White House economic adviser said he expected trade uncertainty to hit earnings at many USA companies, but that sales at Apple and others with large exposure to China would recover once Washington and Beijing strike a trade deal. But he said sales decreased as consumer "uncertainty" grew over the U.S. Samsung, Apple's perennial rival in the premium portion of the smartphone market, is also said to be planning some fairly dramatic changes to its upcoming Galaxy S-series devices, too.

Cook told CNBC that trade tensions between the two economic heavyweights are putting "additional pressure on their economy".

Apple shares dropped nearly nine percent on Thursday, falling to their lowest amount since April 2017, the Wall Street Journal reported. Moreover, we believe that the high-end smartphone market is fully mature with *structurally* elongating replacement cycles, which we maintain is the company's key long-term challenge.

The tech giant said it will miss its quarterly sales forecast by a wide margin, due its weakening growth, slowing iPhone sales and trade tensions with China, where its products are made.

He also cited other factors that contributed to the drop in iPhone revenues such as consumers adapting to a world with fewer carrier subsidies, price hikes resulting from a stronger US dollar, and lower price for iPhone battery replacements.

Trump added that he has encouraged Apple Chief Executive Officer Tim Cook to build plants and more products in the U.S.

Video shows migrant children at Arizona centre being pushed and shoved
At the same time, another person dragged a different child with its arms extended across the same room. The shelter, Hacienda Del Sol, was shut down in late October .

Wedbush Securities analyst Daniel Ives described it as "Apple's darkest day during the Cook era", saying: "No one expected China to just fall off a cliff like this".

After multinational companies relied heavily on China for years for growth, warning signs across different industries are beginning to crop up suggesting there are broad, ominous trends gathering force in the world's second largest economy.

Apple took its biggest loss in six years Thursday and ended at $142.19.

By early 2018, General Motors was selling a third more cars in China than in the U.S. Starbucks unveiled plans to open a new coffee shop in China every 15 hours on average. Germany's DAX dropped 1.5 percent and the French CAC 40 fell 1.7 percent, and Britain's FTSE 100 gave up 0.6 percent.

Wall Street analysts scrambled to cut their price targets on the stock, with at least 17 of them lowering their price estimates.

Apple's stock has slumped 39 per cent since early October. Services generated $10.8 billion in revenue for the quarter - a 27 percent increase from a year earlier. The British pound fell to $1.2630 from $1.2690.

In other commodities trading, wholesale gasoline rose 1.8 percent to $1.35 a gallon and heating oil climbed 2.4 percent to $1.74 a gallon.

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