Why Apple Stock Jumped Today
Shares of Apple (NASDAQ: AAPL) have jumped today, up by 4% as of 12:15 p.m. EDT, amid ongoing market volatility driven by the novel coronavirus. Here's all the recent outbreak-related news.
iPhone sales in China plunged by over 60% to approximately 500,000 in February, according to Reuters, which cited government data. That's worse than the 40% decline that third-party market researchers had forecast, but isn't entirely unexpected, as the company had warned last month that it would miss its revenue outlook, in part because "demand for our products within China has been affected" by the crisis. As China makes progress in combating the COVID-19 respiratory illness, Apple has reopened all but four of its retail stores in the country.
Image source: Apple.
Source Fool.com
