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Donald Trump Not Bothered About Apple’s Stock Price Slump

Trump did praise Apple for investing $350 billion in the US, seemingly referring to the company's announcement last January

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Donald Trump. VOA

Even as Apple Inc.’s shares fell after it lowered its revenue estimate for the first quarter of fiscal 2019, President Donald Trump has said he is not bothered about the tech giant’s concerns, the media reported.

Claiming that Apple mostly makes its products in China, Trump told reporters at a White House news conference that he does not fear the impact of Apple’s stock on the US economy, CNBC reported on Friday.

In a letter to investors on Wednesday, Apple CEO Tim Cook said that for the quarter ending December 29, the company now expects revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.

Apple lowered its revenue guidance, which led to a fall in its stock, due to weaker than expected iPhone sales, particularly in China.

Cook acknowledged that the revenue shortfall in its guidance was partly due to China’s trade tensions with the US. The slowdown in the Chinese economy also impacted its revenue, he said.

“Apple was at a number that was incredible and they’re going to be fine. Apple is a great company,” Trump was quoted as saying.

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Not concerned about Apple’s stock price slump: Trump. VOA

Apple Inc. shares dropped 10 per cent following the iPhone maker’s warning late Wednesday, The Wall Street Journal reported on Thursday.

Trump said that China was the biggest beneficiary of Apple, more than the US “because they build their product mostly in China.”

“I told (Apple CEO) Tim Cook, who’s a friend of mine, who I like a lot, make your product in the United States,” Trump was quoted as saying.

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Apple disputes the claim that it mostly makes its products in China. In a March 2018 interview to Recode’s Kara Swisher and MSNBC’s Chris Hayes, Cook said that that many of the Apple product components are made in the US, even though Apple products are assembled in China.

Trump did praise Apple for investing $350 billion in the US, seemingly referring to the company’s announcement last January

Apple also announced in December that it would invest $1 billion in a new campus in Austin, Texas. (IANS)

Next Story

Apple to Unfold iOS 13.1 with CPU Throttling Feature to iPhone XR and iPhone XS

It will also bring general bug fixes to iOS 13

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Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, Aug. 1, 2018. VOA

After rolling out iOS 13 for iPhones and watchOS 6 for Apple Watch Series, the iPhone maker is expected to unfold iOS 13.1 with CPU throttling feature to iPhone XR and iPhone XS.

Apple first admitted it throttled CPUs on older iPhones in 2017 and the iPhone maker was accused of artificially slowing down devices. To do away with this, the company also offered discounted battery replacements to users with some iPhone models, The Verge has reported.

Newer iPhone models have more advanced power-monitoring hardware, which will reduce the impact of throttling.

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FILE – Apple’s App Store app is seen in Baltimore, MD., March 19, 2018. VOA

“iPhone 8 and later use a more advanced hardware and software design that provides a more accurate estimation of both power needs and the battery’s power capability to maximize overall system performance,” Apple wrote on its support page.

“As a result, the impacts of performance management may be less noticeable on iPhone 8 and later. Over time, the rechargeable batteries in all iPhone models will diminish in their capacity and peak performance and will eventually need to be replaced,” the company added.

Also Read: YouTube CEO Apologises for Overhauling Verification Policy

OS 13.1 will be released on September 24. It will bring several features that were avoided for the initial iOS 13 release, including automated Siri Shortcut actions, a share ETA feature in Apple Maps, and data separation for enterprise devices, The Verge reported.

It will also bring general bug fixes to iOS 13.(IANS)