Apple CEO apologizes to China amid fears that propaganda will hurt market share

Apple CEO Cook

Apple (AAPL) CEO Tim Cook has gotten used to apologizing recently. In addition to his formal apology to iPhone users over iOS Maps, Cook has now delivered an apology to Chinese consumers “for any concerns or misunderstandings” stemming from its “repair and warranty policy,” Street Insider reports. Cook’s apology  to Chinese consumers comes after around a week after China’s state-sponsored media attacked Apple over its warranty policies for both smartphones and computers. Per Barron’s, Citigroup analyst Glen Yeung says that even this apology may not be enough to overcome “the impact of this propaganda on Apple’s China market share” and notes that “if Apple were to lose as much as 50% of their China market share, this would equate to ~$13.1B/$3.62 in revenues/EPS.”

Source:
StreetInsider, Barron's
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