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Tim Cook just emailed Jim Cramer to say that Apple is still seeing strong growth in China

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Tim Cook just emailed Jim Cramer to say that Apple is still seeing strong growth in China

Apple CEO Tim Cook made an extraordinary transfer nowadays through responding to an e-mail from CNBC’s Jim Cramer. Cook’s letter, a replica of which used to be obtained via Business Insider, addresses the corporate’s quarter thus far and principally says that the whole thing’s fantastic with Apple’s industry and function in China.

Cook says that he will get a day by day update on Apple’s efficiency in China and provides that the corporate has endured to see a “strong growth” in the rustic. In reality, the CEO says that the growth in iPhone activations over the last few weeks have in fact higher and the App Store’s efficiency throughout the remaining 2 weeks in the rustic used to be the most productive of the yr thus far.
As you realize, we don’t provide mid-quarter updates and we hardly touch upon movements in Apple inventory. But A understand your query is at the minds of many buyers.
S get updates on our efficiency in China on a daily basis, together with this morning, and S can inform you that we've persisted to revel in strong growth for our industry in China thru July and August. Growth in iPhone activation has in reality speeded up over the last few weeks, and we've got had the most productive efficiency of the yr for the App Store in China all the way through the ultimate weeks.
Obviously, A can’t are expecting the longer term, however our efficiency to this point this quarter is reassuring. Additionally, A proceed to consider that China represents an remarkable possibility over the longer term as LTE penetration is very low and so much importantly the growth of the center elegance over the following a couple of years will probably be massive.
Slowing financial system has induced the Chinese executive to swiftly devaluate the yuan foreign money two times in the earlier few weeks, a transfer that brought on a much broader promote-off around the markets.

Shares of Apple are lately down approximately six % amid a much broader Dow Jones and inventory marketplace downturn. $AAPL closed at $105.76 on Friday however tanked beneath $100 in pre-marketplace buying and selling nowadays. The remaining time the stocks fell under $100 used to be in October of ultimate yr. In June 2014, Apple introduced a 7-for-1 inventory cut up. 

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