Still the world's largest public company by market value, Apple has seen that value take a notable hit this week on increasing signs that its business in China might be coming under threat.
The Wall Street Journal reported on Wednesday that the Chinese government is banning the iPhone and other foreign-branded devices from use by workers at central government agencies. Bloomberg reported Thursday that such a ban might also be extended to state-owned enterprises and other government-backed entities. That could amount to a significant swath of people in a state-led economy with a population totaling more than 1.4 billion.
According to China's National Bureau of Statistics, about 56.3 million urban workers were employed by "stateowned units" in 2021. Thosejobs commanded an average wage about 8% above the national urban average an attractive segment for a company specializing in premium devices. And because Apple now ships roughly 230 million iPhones globally every year, 56 million would be a notable chunk to take out of the pool of potential buyers-especially in a mature global smartphone market with low growth prospects.
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Denne historien er fra September 09, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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