Apple Shares Plunge After Report of Weak China Demand
Shares of the iPhone maker slid 10 percent down last Thursday after reporting weak demand from China which led it to fall short of revenue expectations.
The plunge was Apple’s biggest intraday percentage fall in six years, sending the company’s stock market value from $1.1 trillion in October to just $700 billion. Investors fear that the drop may signal a slowdown in global growth.
White House Chairman of the Council of Economic Advisers Kevin Hassett warned that trade uncertainty is bound to hit the earnings of most US companies, but those with large exposure to China such as Apple will recover once Washington and Beijing are able to come to a trade agreement.