iPhone ban in China, Apple shares fall after report: Shares down about 6% in 2 Days

iPhone ban in China, Apple shares fall after report: Shares down about 6% in two days, iPhone sales in China may decline by 5%
iPhone ban in China
Apple shares fell for the second day in a row after reports of a ban on iPhone use by government employees in China. The shares of the company have lost around 16% in the last two days. They closed Thursday at $177.56, down $5.35 or 2.92%.

Apple's third largest market is China. It accounted for 18% of last year's total revenue of $394 billion. Most of Apple's products are also manufactured in China. The ban on government employees could reduce Apple's iPhone sales in China by up to 5%.
iPhone stocks

Government officials in China banned the use of iPhone 

Two days ago, the Wall Street Journal reported in a report that China has banned the use of devices from other countries, including the American company Apple. However, this restriction will apply only to government officials. Officers have been asked not to bring these devices to the office nor use them for work.

The Chinese government has asked government officials to use phones made in the country. According to the report, the Chinese government has not taken the name of any phone manufacturer other than Apple. So far Apple has not given any response about it. At the same time, the Chinese government has not officially given any information about this ban.

Ban imposed ahead of Apple's 'Wonderlust' event 

China has imposed this ban on government officials using iPhone at a time when the company is going to hold a Wanderlust event in California on 12 September. In this event, Apple can also launch Apple Watch Series 9 and Apple Watch Ultra 2 along with iPhone 15 series.

Russia accused of spying on US with iPhone Already happened

Three months ago, Russia accused America of spying with Apple's iPhone. However, Apple rejected all the allegations. Apple's CEO had said, 'We have never tampered with phones in collaboration with the government of any country, nor will we ever do so in the coming days.'

Apple may shift 18% iPhone manufacturing to India

Apple is considering shifting 18% of global iPhone manufacturing to India by 2025. According to a Bank of America report, the Indian government's Production-Linked Incentive Scheme (PLI) is encouraging Apple to increase manufacturing capacity in the country.
Bank of America has said in its new report that the government's PLI scheme can help not only Apple but also the country India. This scheme can help in achieving the target of increasing domestic production of mobile phones by 4 times to $ 135 billion and exports by 6 times to $ 59 billion by the financial year 2026.

After geopolitical tension and Corona epidemic, other American tech companies including Apple are also working on expanding their manufacturing facilities outside China. In which most of the companies are making their manufacturing hub in India, due to which the Chinese government is facing many types of losses, this can also be a reason to stop the use of iPhone by government officials in China.
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