Apple shares fall after Watch connection issues in China
Shares of US tech giant Apple were suffering their biggest decline in the last month after Wall Street opened on Thursday amidst reports that the Apple Watch was suffering from service issues in China.
Apple Inc.
$172.90
10:45 02/05/24
Dow Jones I.A.
38,155.18
04:30 15/10/20
Nasdaq 100
17,516.08
10:45 02/05/24
According to the Wall Street Journal, the device’s independent service connection has been cut in the country without explanation, and is likely to suffer further problems there in the coming months.
Cellular connectivity for the Apple Watch has been cut since September 28, having been previously available through China Unicom.
Apple’s stock price was retreating by 2.51% as of 14:57 BST, having tacked on over 30% in the year-to-date.
The company led by Tim Cook also came under pressure on Thursday as traders speculated about poor demand for the new iPhone 8.
Apple simultaneously revealed the iPhone 8 and the iPhone X, the latter of which will be made available for sale next month.
Wall Street opened lower on Thursday after pushing on to new record highs in the previous session after positive results from IBM.