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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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Trump, U.S.
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, Spotify Podcasts Now Availabe on Amazon Echo Lineup

With this, the Echo line up from Amazon becomes with the first third-party clients to support the Apple Podcasts service without using AirPlay

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Amazon
It's also interesting that Apple is ceding some of its HomePod functionality to Amazon. Pixabay

Apple and Swedish streaming giant Spotify’s podcasts are now available on Amazon’s Echo line up of devices.

“Apple Podcasts can be set as the default podcast player from the Alexa app, too, so Amazon will default to checking Apple Podcasts first whenever a show is requested. Spotify also announced today that its users would be able to ask Alexa to play podcasts from its platform,” The Verge reported on Friday.

With this, the Echo line up from Amazon becomes with the first third-party clients to support the Apple Podcasts service without using AirPlay.

It’s also interesting that Apple is ceding some of its HomePod functionality to Amazon.

The HomePod offers syncing with Apple Podcasts, which was unique and potentially a selling point. Now that anyone can access Apple Podcasts from any Alexa device, the HomePod is less special, the report added.

Amazon
Apple and Swedish streaming giant Spotify’s podcasts are now available on Amazon’s Echo line up of devices. Wikimedia Commons

Notably, Spotify Premium users were earlier able to use Spotify Connect to stream to Echo.

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But now, the Swedish streaming giant says that both Free and Premium customers in the US will be able to ask Alexa for podcasts as well as set Spotify as their default player. (IANS)