Apple stock falls after reports of China government's iPhone ban

File photo

Shares in Apple have fallen for the second day in a row following reports that Chinese government workers have been banned from using iPhones.

The slump means the tech giant has lost close to $200 billion (AED 7,346,200,000) in the last 48 hours. 

China accounted for 18 per cent of Apple’s total revenue last year making it the company’s third biggest market, and is also where its products are manufactured.

It’s been widely reported that Beijing has ordered government officials not to use or bring iPhones to work, which led to a fall in the company share price.

The iPhone 15 is due for release on September 12.

More from Business News

News

  • Mohammed bin Rashid Al Maktoum Global Initiatives resumes food aid to Gaza

    In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) has announced the resumption of food aid deliveries worth AED43 million to the Gaza Strip,

  • DoH launches Future Health Initiative

    Under the directives of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, Future Health – A Global Initiative by Abu Dhabi (Future Health) has been launched by the Department of Health – Abu Dhabi (DoH).

  • Salik to apply peak-hour toll rates for Dubai Ride

    Toll gate operator Salik said it will charge peak-hour fees on Sunday, November 2, as the Dubai Fitness Challenge's first flagship event - Dubai Ride - gets underway.