Categories: Economy

The claims cost Apple $200 billion.

The Wall Street Journal (WSJ) newspaper said the Chinese government has asked civil servants not to use iPhones and other foreign-brand smartphones for work and not to carry out jobs.

Apple’s stock value fell more than 6 percent after this claim, falling below $2 trillion. Consequently, Apple’s market value lost $200 billion in two days.

Apple, which produces a significant portion of its smartphones in China through subcontractors, owns about 22 percent of the country’s smartphone market. The company also gets 19 percent of its revenue from China.

Bank of America estimates that China accounts for about 50 million of Apple’s annual iPhone sales, and such a ban could result in Apple losing 5 to 10 million units a year.

The Chinese government has yet to make an official statement on the alleged ban. Apple also declined to comment on the matter. (AA)

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.