Apple stock loses $55bn
Chief executive Tim Cook blames slowing of Chinese economy for poor sales

Apple stocks have tumbled after the company revealed iPhone sales have been slowing, sending shockwaves through global markets.
In a letter to shareholders, Apple chief executive Tim Cook said that the California-based company’s biggest drop in sales came from the Greater China region, which the BBC says includes Hong Kong and Taiwan and “accounts for almost 20% of its revenue“.
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trading in Apple stocks was briefly halted after details of his letter were made public.
Shares then fell as much as 8% when trading resumed, wiping up to $55bn (£44bn) off of the company’s stock market value, CNN says.
Cook pointed at the rising trade tensions between the US and China as another reason for the expected drop in earnings for the final quarter of 2018, from around $93bn (£74bn) to $84bn (£67bn).
News of the drop in sales comes amid reports that some Chinese companies and organisations are calling for workers to boycott products made in the US or by American companies.
Organisations across China “have issued notices urging staff members to show their support for Huawei, threatening punishment against anyone caught with Apple products or even offering subsidies to buy Chinese smartphones”, CNN reports.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The week's best photos
In Pictures A cheesy chase, a cinema on water, and more
-
Ancient India: living traditions – 'ethereal and sensual' exhibition
The Week Recommends Hinduism, Jainism and Buddhism are explored in show that remains 'remarkably compact'
-
Crossword: May 30, 2025
The Week's daily crossword puzzle
-
Trump vs. China: another tariff U-turn?
Today's Big Question Washington and Beijing make huge tariff cuts, as both sides seek 'exit ramp' from escalating trade war
-
How the US bond market works – and why it matters
The Explainer Donald Trump was forced to U-turn on tariffs after being 'spooked' by rise in Treasury yields
-
How will Wall Street react to the Trump-Powell showdown?
Today's Big Question 'Market turmoil' seems likely
-
US Treasuries were a safe haven for investors. What changed?
Today's Big Question Doubts about America's fiscal competence after 'Liberation Day'
-
How could stock market slides affect you?
Today's Big Question Pensions, prices and jobs at risk as Donald Trump's 'Liberation Day' measures take hold
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Pet cloning booms in China
Under The Radar As Chinese pet ownership surges, more people are paying to replicate their beloved dead cat or dog
-
Why are stocks in 'correction' and not a bear market?
Today's Big Question Investors still hope for a 'flip' in Trump's trade policies