Apple $200 billion loss in just a few days – NASDAQ falls

50 million iPhones sold in China every year

Apple sells around 50 million iPhones in China annually. A sweeping ban is what investors fear and that spells trouble for Apple.

Apple stock drops after The Wall Street Journal reported a day earlier that Chinese authorities have curbed the use of the iPhone. Apple’s flagship product will no longer be legal to use by some central government officials.

The potential crackdown threatens to dissrupt Apple’s sales as China accounts for about 20% of Apple’s total revenue. Uncertainties about the news prompted investors to retreat from Apple postions, leading to a 6% drop in Apple shares in two days. More than $200bn of market cap was wiped out.

$200 market cap drop

Apple shares fall $200 billion in just days September 2023

The iPhone commeth

Adding to the concern, Apple is just days away from its key event. On the 12th september 2023, the company is expected to officially announce the launch of its newest smartphone – the iPhone 15.

Leave a Reply

Your email address will not be published. Required fields are marked *