It’s not a good start to the week for Apple, as shares fell below the $100 mark even before the market opened.
Seeing investors panicking, Tim Cook shared a few thoughts with CNBC Mad Money host Jim Cramer — particularly reassuring him about Apple’s continued success in China, which Cook continues to be bullish on due to its “unprecedented” opportunities.
“I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August,” Cook wrote in an email. “Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks.”
Cook ends his message by writing that he cannot predict the future, but describing Apple’s performance so far this quarter as “reassuring.”
On top of this, Cook describes China as, “an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge.”
It’s not just Apple that is struggling in this market, of course. However, its superstar stock status means that bad Apple news gets far more press than many other companies.
Hey, look on the bright side, it’s a cheap time to stock up on AAPL shares if you’re in the business of buying!