Tim Cook emails Jim Cramer to say everything's fine
Tim Cook took the extraordinary step of reassuring investors that Apple's business is doing just fine despite the fact that global markets are cratering.
In an email exchange with CNBC star Jim Cramer, Cook said iPhone sales have accelerated in China over the past few weeks:
Apple's @tim_cook just e-mailed @jimcramer @CNBC pic.twitter.com/zzEqmDKFUK
- Carl Quintanilla (@carlquintanilla) August 24, 2015
Apple is getting vaporized, falling by more than 20% from its highest levels.
Markets globally are tanking based largely on things happening in China. The Chinese economy has looked weak. With China being the second largest iPhone market, investors were naturally worried about the state of the iPhone.
"I think it's a classic fear of the unknown," Piper Jaffray analyst Gene Munster said in a previous interview with Business Insider. "In this case specifically it's the fear of what's happening in China. Investors appear to be concerned about what the impact is from China, and if that ends up translating to more broader concerns or a slowdown from consumers."
- Love in the time of elections: Do politics spice up or spoil dating in India?
- Samsung Galaxy S24 Plus review – the best smartphone in the S24 lineup
- Household savings dip over Rs 9 lakh cr in 3 years to Rs 14.16 lakh cr in 2022-23
- Misleading ads: SC says public figures must act with responsibility while endorsing products
- Here’s what falling inside a black hole would look like, according to a NASA supercomputer simulation