Apple stocks fall on reports that China agencies are barring iPhone use
- The biggest single-day drop in a month followed news that government employees have been banned from bringing the devices into the office
- Apple’s iPhones are bestsellers in China and are common in both the government and private sector
Apple Inc. suffered its worst stock decline in a month following reports that Chinese government agencies have barred staff from using iPhones at work.
The orders were handed down in August to employees at ministries whose portfolios are focused on investment, trade and international affairs, The South China Morning Post learned.
The restrictions on phone usage were not imposed on all ministries and the order targets only the iPhone, designed in California, and does not involve other smartphones from foreign brands, according to sources with knowledge of the situation.
Employees at some central government agencies received instructions via chat groups and in meetings to stop bringing such gadgets into the office, said The Wall Street Journal, citing people familiar with the matter.
01:17
Apple opens its first retail store in India
Apple shares slid 3.6 per cent to US$182.91 in New York on Wednesday, marking the biggest single-day drop since August 4. Apple had gained 46 per cent this year before the decline, part of a broader run-up in tech stocks.