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The shares closed at $ 185.72 and continued to fall after trading hours. The S & P 500 lost 2.4% over the day and the Nasdaq lost 3.4%.
Apple (AAPL) is trying to regain a foothold in China. In its most recent results, released on April 30, the company posted revenue of $ 10.2 billion for the first three months of the year, down 21 percent from a year earlier. On a call to discuss the results, Chief Executive Officer Tim Cook said the worst may have happened for iPhone, its largest producer of profits, told Apple "an improved business dialogue" between China and the United States and "a very positive response from our customers to the price measures we have taken in this market ".
On May 5, President Trump announced that he would increase tariffs on a Chinese product group, which would increase from 10% to 25%. Apple stocks have fallen by more than 10% since then.
The latest series of tariffs between the two countries has had a negative impact on Apple's shares as well as those companies providing components for Apple's products. The shares of Catcher Technology, a Taiwanese company that manufactures iPhone cases, have lost nearly 7%. From Austria AMS (AMSSY), manufacturer of light sensors, dropped more than 5% and took a place in the European chip makers Dialog Semiconductors (DLGNF) and STMicroelectronics (STM) dropped by 5% and more than 6%, respectively.
The decline also comes the same day the Supreme Court ruled that a group of iPhone owners who accuse Apple of violating US antitrust rules can sue the company.
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