Tim Cook Still Expects Strong Growth In China

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As Nasdaq futures came crashing down on Monday morning, investors heavily sold off individual stocks including
Apple Inc.AAPL
Shares of Apple dipped below the $100 mark during Monday's pre-trading session and was down more than six percent. The company's CEO, Tim Cook, spoke to CNBC's Jim Cramer in an attempt to calm nervous investor sentiment that is worried over Apple's performance in China. Cook acknowledged that China-related concerns is "on the minds of many investors" but he also noted that as a policy mid-quarter updates are not provided and management "rarely" discusses the move in Apple's stock. "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 was quoted as telling Cramer. "Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks." Cook continued that Apple's performance in China is "so far reassuring" and the country represents an "unprecedented opportunity" over the longer-term as LTE penetration is low and "most importantly" the nation's middle class growth over the next few years will be "huge." Meanwhile, investors also punished technology stocks that are suppliers to Apple. Shares of
Skyworks Solutions IncSWKS
, a chip maker that is present in the iPhone 6, was trading lower by nearly 10 percent just a few minutes before the start to Monday's trading session. Other tech, including
Netflix, Inc.NFLX
, were heavily punished by investors. Netflix's stock not only dipped below the $100 per share mark, but was seen trading below the $90 per share mark shortly before 9:30. Meanwhile, the
PowerShares QQQ Trust, Series 1 (ETF)QQQ
plunged nearly 10 percent after the opening bell.
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Posted In: NewsApple ChinaApple SuppliersChinaCNBCiPhoneJim Cramer
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