'Apology Accepted, Apple!' - China (AAPL)
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Price: $281.74 -0.72%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
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Monday, Apple CEO Tim Cook did a little PR when he issued an apology to customers in China regarding the company's actions and policies.
Well, that was just the right amount of humility for China.
Reuters reported this morning that China foreign ministry spokesperson Hong Lei commented, "We approve of what Apple said." The approval comes following nearly two-weeks of negative media in Chinese newspapers and blogs over Apple's poor communication of its warranty policy. At least two Chinese government bureaus were threatening sanctions on Apple, Reuters noted.
Clearly, the response from Cook shows how important China is for the world's largest company. In its latest quarter, Apple reported that sales in China accounted for $6.83 billion, or over 12 percent of total revs in the period, up from $4.08 billion in the prior year. Outlets in China grew to 17,000 at the end of 2012, from 7,000 at the end of 2011.
Apple is up about 0.3 percent Tuesday.
Well, that was just the right amount of humility for China.
Reuters reported this morning that China foreign ministry spokesperson Hong Lei commented, "We approve of what Apple said." The approval comes following nearly two-weeks of negative media in Chinese newspapers and blogs over Apple's poor communication of its warranty policy. At least two Chinese government bureaus were threatening sanctions on Apple, Reuters noted.
Clearly, the response from Cook shows how important China is for the world's largest company. In its latest quarter, Apple reported that sales in China accounted for $6.83 billion, or over 12 percent of total revs in the period, up from $4.08 billion in the prior year. Outlets in China grew to 17,000 at the end of 2012, from 7,000 at the end of 2011.
Apple is up about 0.3 percent Tuesday.
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