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Restrictions on Apple in China cause its capitalization to fall by 200 billion

Date: September 24, 2023 Time: 18:45:25

Apple shares chained two consecutive days of falls on the stock market this Thursday, after falling 3% in the Nasdaq index. The devaluation of the company’s price after the Chinese Government announced that it would limit the use of iPhones to state officials and public employees has caused the company’s capitalization to be reduced by 200,000 million dollars (186,888 million euros).

Since the stock market closed on Tuesday, when Apple shares were worth $190, the equivalent of about 177.5 euros, the technology company has suffered a 6.4% drop in its price. Already on Wednesday at market closing time at $177.56 (165.93 euros), 2.92% below the previous day.

The plans announced from Beijing to expand restrictions on the use of the American company’s devices by members and workers of government and state entities adds to the technological limitations applied by the United States Government to Huawei’s new 5G mobile phone.

China, Apple’s main market

In fact, several agencies have already instructed their employees not to bring their iPhones to work, according to sources familiar with the matter and who have lent credibility to a previous report by the ‘Wall Street Journal’.

The Chinese market is the main one for Apple, which is the source of approximately a fifth of its revenue. Likewise, it is its most important location when it comes to producing mobile phones and devices for the brand worldwide.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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