Days after Apple released its report on slow iPhone sales and major stock drop, US President Donald Trump said that the company is ‘gonna be fine’.
According to local reports, Trump said during a news conference that Apple is a great company and its stock price has gone up hundreds of percent since he has come to power.
He further stressed that the company should make its iPhone and other products in the US and not China. He reiterated that Apple makes its product in China making the country its biggest beneficiary and that Apple CEO Tim Cook should instead build manufacturing plants in the US.
Earlier in the week, in a letter addressed to the investors, Apple CEO Tim Cook revealed that Apple is expected a revenue loss of $9 billion due to poor demand for new iPhone models, which is partly because more people prefer to replace degrading batteries of their old iPhone instead of upgrading to new models.
It all boils down to the pricing of the new iPhone models which has increased to as much as 1,449 dollars. Last year, Cupertino giant Apple provided users with a battery-replacement program at a reduced cost of 29 dollars which came down from 79 dollars. As a result, more people started to replace the batteries of their old iPhone than upgrading.
(With ANI input)