Apple Stock Could Soon Become a Terrific Bargain
The novel coronavirus outbreak is turning out to be a big problem for companies all over the world, including Apple (NASDAQ: AAPL). The smartphone giant has already warned that its fiscal second-quarter performance would fall short of expectations as a result of the fallout from the COVID-19 virus -- but things could be worse than expected, at least going by the latest news out of China.
Citing Chinese government data, Reuters recently reported that Apple sold just 494,000 iPhones in the country in February. That was a steep decline from the 1.27 million units the company had shipped in the prior-year period and the two million units sold in January. The situation was bad across the board, as overall smartphone shipments fell 54.7% annually during the month, according to the China Academy of Information and Communications Technology.
Investors reacted negatively to this news, and Apple has not been spared from the broad market fallout. However, the worst part is that this may not be the last piece of bad news for the iPhone maker.
Source Fool.com
