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>> After warning that its holiday season wasn't going to be pretty, Apple on Tuesday reported a 15% drop in iPhone revenue for the quarter ending in December. Apple also warned about weakness in the current quarter. The company said earlier this month that China's economic slow down, exacerbated by the US-China trade war, was hurting iPhone sales.
But in a phone interview with Reuters, Apple CEO Tim Cook told tech reporters Steven Nellis he thinks China may be turning a corner.>> Tim Cook told us that there's definitely correlation between trade tensions between the US and China and the Chinese economy, which in turn drives iPhone sales in that country.
He told us that January definitely look better than December did. And that he's still optimistic that the two countries are gonna be able to work things out.>> It's not just Apple. From industrial heavyweight Caterpillar to chip maker Intel, China's economic weakness is hitting many American companies hard.
For Apple it's a double whammy. Not only is China its biggest market outside of the US, but most of the iPhones are built there as well. To boast sales, Cook told Reuters Apple was considering pricing the iPhone in some of the emerging markets, including China, in local currency, which would make them cheaper.
Apple has also been trying to grow its services businesses, like Apple Music, as it tries to diversify away from just being a hardware maker. And Cook said there are now 1.4 billion active devices and 900 million of them are iPhones.