CEO says Apple growth still 'strong' in China

August 24, 2015
Apple stock, which peaked earlier this year at $133, has slumped more than 20 percent through Friday, and futures were down as m
Apple stock, which peaked earlier this year at $133, has slumped more than 20 percent through Friday, and futures were down as much as eight percent in pre-opening trade

Apple is still seeing "strong growth" in China despite fears about an economic slowdown which have sparked a global market rout, chief executive Tim Cook said Monday.

Cook responded to a query from CNBC about the sharp drop in Apple shares amid the market upheaval in China and around the world.

"As you know, we don't give mid-quarter updates and we rarely comment on moves in Apple stock," Cook wrote to CNBC's Jim Cramer in an email released by the . "But I know your question is on the minds of many investors."

Cook noted that he gets updates daily on Apple activity in China "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."

He said that "growth in iPhone activations 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."

Cook added: "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 of Friday, Apple stock has slumped more that 20 percent from its peak earlier this year at $133.

Apple shares fell as much as 12 percent in morning trade, but then swung back to positive territory, and were up 2.1 percent at $108 shortly after 1700 GMT.

Explore further: Apple to open 25 new stores in China in the next two years

Related Stories

Apple sees China becoming biggest market

January 11, 2013

Apple Chief Executive Tim Cook, on his second visit to China in a year, said he expects the country to surpass the United States as the technology giant's largest market, state media reported.

Recommended for you

Catalyst advance removes pollutants at low temperatures

March 25, 2019

Researchers at Washington State University, University of New Mexico, Eindhoven University of Technology, and Pacific Northwest National Laboratory have developed a catalyst that can both withstand high temperatures and convert ...

EPA adviser is promoting harmful ideas, scientists say

March 22, 2019

The Trump administration's reliance on industry-funded environmental specialists is again coming under fire, this time by researchers who say that Louis Anthony "Tony" Cox Jr., who leads a key Environmental Protection Agency ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.