Trump Says Apple Will Be 'Fine' Despite China Woes, Stock Drop


After Apple disclosed a staggering reduction in its latest quarterly revenue guidance, President Donald Trump shrugged off the issues in a press conference at the White House on Friday.

"Apple was at a [stock price] number that was incredible and they're gonna be fine," Trump said. "Apple is a great company."

[Related: 5 Takeaways From Apple CEO Tim Cook's Bombshell iPhone Letter]

Trump also claimed that Apple's stock price has "gone up hundreds of percent since I'm president," though the actual figure is 22.4 percent, based on Apple's late-afternoon Friday trading price of $147.45.

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Citing poor iPhone demand in China and sluggish iPhone upgrades in developed markets for its fiscal first-quarter 2019, ended Dec. 29, Apple slashed its quarterly guidance to $84 billion on Wednesday. That's down from a previous range of between $89 billion and $93 billion.

Apple's stock price has fallen 6.6 percent since the guidance revision on Wednesday. The disclosure from Apple comes amid a Trump-initiated trade war with China.

"While Greater China and other emerging markets accounted for the vast majority of the year-over-year iPhone revenue decline, in some developed markets, iPhone upgrades also were not as strong as we thought they would be," Apple CEO Tim Cook wrote in a letter to shareholders.

Trump, who has repeatedly called for Apple to bring final assembly of its products from China to the U.S., did so again during the White House press conference on Friday.

"Don't forget this: Apple makes their product in China," Trump said, repeating his claim that he has told Cook to "make your product in the United States. Build those big beautiful plants that go on for miles."

Trump added a claim that China “is the biggest beneficiary of Apple, more than us."

"I want Apple to make their iPhones and all of the great things that they make in the United States, and that'll take place," Trump said.

Apple did not immediately respond to a request for comment on Friday.

Trump has previously threatened to expand tariffs on China-made goods to include the iPhone.

Outside of the impact from China on Apple's iPhone results, factors affecting iPhone sales include "consumers adapting to a world with fewer carrier subsidies, US dollar strength-related price increases, and some customers taking advantage of significantly reduced pricing for iPhone battery replacements," Cook wrote in his letter to shareholders.