“Obviously I can’t predict the future, but our performance so far this quarter is reassuring”, Cook wrote, according to a Tweet by CNBC host Carl Quintanilla.
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Cook said he is optimistic about Apple’s prospects in China, especially because it is only starting its transition to LTE networks and more people will be lifted in China’s middle class in the years ahead.
Apple’s shares slumped as much as 13 percent to a year-low of $92 in early trading on Monday, amid a sell-off in the broader U.S. market.
Apple’s CEO Tim Cook spoke with Good Morning America’s co-anchor Robin Roberts about the company’s goals within the program that is focused on an academic revolution that aims to prepare these students for the 21st century. Dow Jones reported the New York Stock Exchange was planning to implement Rule 48 on Monday, which allows the exchange to open stocks without indications, to help smooth out the rough going on the market.
Given that the company derives a relevant portion of its business form China, investors are concerned about Apple’s position in the country.
Apple is down more than 2.5 percent this morning, to $102.92.
Apple has been public about its strategy to expand in China, and so has received extra attention as worries about the country’s economy have dragged down shares across the world.
On the company’s fiscal third-quarter earnings call, CEO Timothy D. Cook said the stock market selloff could “create some speed bumps in the near term”, but added that the impact will be limited because relatively few Chinese own stocks.
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China’s smartphone market is widely believed to be close to saturation with fewer first-time buyers.
