Cook said Apple doesn’t usually offer financial updates outside of its quarterly earnings reports, but today’s stock market rollercoaster seemed to warrant a response.
Here’s what Cook had to say:
Because Apple has been so aggressive about the importance of China to its future business, the company is now vulnerable to Chinese stock market turmoil and the recent devaluation of the yuan, China’s currency. Cook and co. seem confident that China remains a safe bet, but Apple watchers will be keeping a close eye on the country going into the holiday quarter. If the Chinese middle class isn’t buying up new iPhones, that would be very bad news for Apple.
Caitlin McGarry