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SHANGHAI/TAIPEI :China's widening curbs on iPhone use by government staff intensified a sell-off in global tech stocks on Friday, fanning fears that Apple and its suppliers could take a hit from rising Sino-U.S. tensions and growing competition from Huawei.Apple shares tumbled 6.4 per cent over the last two d
SHANGHAI/TAIPEI, (Reuters) - China's widening curbs on iPhone use by government staff intensified a sell-off in global tech stocks on Friday, fanning fears that Apple and its suppliers could take a hit from rising Sino-U.S. tensions and growing competition from Huawei. Apple shares tumbled 6.4% over the last two days, wiping $190 billion from its…
Apple shares have tumbled 6.4% over the last two days, wiping $190 billion from its market capitalisation, following news Beijing ordered some central government employees in recent weeks to stop using iPhones at work.
Shares of Apple were down more than 6 percent on the week after word that Beijing has told employees at some central government agencies to stop using iPhones at work.
Huawei Technologies' latest flagship smartphones have been met with enthusiasm in China, where some consumers see the device as a symbol of national pride and evidence that the country can break through U.S. sanctions targeting Chinese home-grown technology champions.