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Apple's China sales and phone production fell short of target, shares price slammed
2020/02/19 11:50:14

Feb 19, 2020 (China Knowledge) - Apple's shares price fell nearly 2% yesterday, closed at USD 319, or down 1.83% for the day. Apple says the supply of iPhones, an important part of the company's revenue, is temporarily affected.

Foxconn (601138), the largest maker of iPhones, plans to restore only 50% of its capacity until the end of February because of the pneumonia outbreak, not enough to meet the expected production target.

In addition, Apple's business in China has not returned to normal, and slower than previously expected. Demand for the iPhone has fallen as stores in China have closed for longer hours.

On the other hand, Apple's warning of a drop in revenue also weighed on risk sentiment as concerns grew about the impact of the pneumonia outbreak on the Chinese economy. The Dow Jones Industrial Average DJI was down 0.6%, S&P 500 Index fell 0.4% and the NASDAQ 0.3% lower.

Safe-haven spot gold rose above USD 1,600 an ounce to a one-month high.

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