New Delhi
Apple’s stock has experienced a second consecutive day of decline following reports that Chinese government employees have been prohibited from using iPhones. The company’s market valuation has dropped by more than 6 percent, amounting to nearly $200 billion (£160 billion), over the past two days. China stands as Apple’s third-largest market, contributing to 18 percent of its total revenue last year. Additionally, it is the primary manufacturing location for most of Apple’s products through its major supplier, Foxconn. Beijing had instructed officials of central government agencies to refrain from bringing iPhones into the workplace or using them for official purposes. Subsequently, the ban might also extend to employees of state-owned enterprises and government-affiliated organizations. These reports have emerged just ahead of the anticipated launch of the iPhone 15, scheduled for September 12. As of now, there has been no official statement from the Chinese government regarding these reports. Apple currently holds the highest market valuation globally, close to $2.8 trillion. The decline in Apple’s stock has also impacted shares in some of its suppliers. Qualcomm, the world’s largest supplier of smartphone chips, experienced a more than 7 percent drop on Thursday. South Korean firm SK Hynix saw its shares decrease by approximately 4 percent on Friday. These developments occur amid ongoing high tensions between Washington and Beijing.
