Apple stock has now officially entered a technical correction which is defined as a decline of at least 10% in a stock price or market from a peak. Apple shares are down about 11% from its July 31st high of $196.45.
Brian Sozzi for Yahoo Finance:
First and foremost is the increasing economic pressure in China that unfolded in August.
Fears on the health of over-leveraged property developers, a slow-to-act Chinese government on the yawning crisis, and a sagging stock market have clouded the outlook for Apple product demand.
Wall Street analysts currently expect sales in Greater China to increase nearly 16% in Apple’s new fiscal year on the back of brisk demand for the iPhone 15.
But CEO Tim Cook appeared to tamp down expectations on China by signing off on a cautious September quarter financial outlook when it reported results earlier this month.
MacDailyNews Take: Apple’s September quarter is likely to contain just a few days of iPhone 15 sales, if that.
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Eh I don’t think so. With the Economic Issues in China, They Will Be Strict with their purchases, I highly Doubt they will be buying new phones This year to save their money. They’re not buying cars and eating low priced meals so you think they will be buying Luxury Phones? Nope.
RE: Bob
Incorrect, people always buy luxury even in a recession, it’s their treat when other things are being cut back. The iPhone is also an essential item and not luxury for a the majority, its a requirement for todays living. Those that can afford a Pro Max will always buy a Pro Max, if not Ultra.