Shares of Apple stock were trading below $100 pre-market opening on Monday, down from a 52-week high of $134.54, and while investors are largely seeing a lot of industries experiencing what some analysts are calling a market correction, Apple’s CEO Tim Cook is still bullish on the company’s position. In an email to CNBC anchor and former banker Jim Cramer, Cook provided rare insight into Apple’s performance ahead of earnings.
“I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August,” Tim Cook said. “Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last two weeks.” Cook added that Apple’s performance during the quarter so far is “reassuring” and that Apple sees huge potential in the growing middle class in China over the next several years.
Apple has long said it expects a lot of its continued growth from China, so Tim Cook’s comments on the market are important, especially for folks who expect it to continue to post record-breaking iPhone sales. The company’s new iPhones, iPads and possible Apple TV unit are expected in September. Perhaps those new products will help Apple rebound.
Take a look at the full email to Cramer below: