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🍎 #Apple lost $200 billion in #two_days after reports of #iPhone #Ban in #China

🍎#Shares of Apple fell by 2.9% on Thursday following reports that #China plans to #expand a #ban on the use of iPhones to government-backed agencies and companies.

🍎#Investors are #fretting over the ability of the world’s most valuable public company to do business in the world’s second-largest economy.

Apple #AAPL notched its #largest daily #fall in over a month on Wednesday. The company #lost about $200 billion in two days, and its stock is currently the #worst_performer in the #Dow_Jones_Industrial Average.

The #bans could be an ominous sign for Apple.

China is the largest #foreign_market for the company’s products, and #Chinese sales represented about a #fifth of the company’s total #revenue last year. Apple doesn’t #disclose?? iPhone sales by country, but analysts at research firm TechInsights estimate that there were more iPhone sales in China than in the #United_States last quarter. #Apple also #produces the majority of its iPhones in #Chinese_factories.

https://www.cnn.com/2023/09/07/investing/apple-stock-iphone-china-ban/index.html

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