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  • Apple CEO Not Worried About China's Economic Woes


    Not withstanding the global stock debacle that consumed the world's major financial markets on Monday (a sell-off that sent the Dow Jones Industrial Average down by more than 1,000 points early in the day before finishing down 588 points), Apple isn't too concerned with the gut-wrenching economic news emerging from China -- news that has certainly contributed to the market correction taking place.

    In what the NY Times and other major media outlets call a rare, out-of-the-ordinary market update, Apple CEO Tim Cook revealed to CNBC's Jim Cramer in an emailed statement today that China's economic conditions shouldn't imperil Apple's long-term growth plans for this market.

    “I get updates on our performance in China every day, 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,” Cook told Cramer. “Obviously I can’t predict the future, but our performance so far this quarter is reassuring.”

    Unfortunately for Cook and company, the email didn't exactly erase all concerns with regard to the strength and stability of APPL in the short term. By the end of trading on Monday, shares of Apple had fallen another 2.5 percent to close at $103.12.

    Source: NYT
    This article was originally published in forum thread: Apple CEO Not Worried About China's Economic Woes started by Michael Essany View original post