Apple stock loses $55bn

Chief executive Tim Cook blames slowing of Chinese economy for poor sales

Apple chief executive Tim Cook has written to shareholders about a drop in sales
(Image credit: ARIS OIKONOMOU/AFP/Getty Images)

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“.

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