Shares of Apple fell by 2.9% on Thursday following reports that China plans to expand a ban on the use of iPhones to government-backed agencies and companies.
On Wednesday, The Wall Street Journal reported that China issued a directive order in recent weeks, telling officials at central government agencies to refrain from using Apple iPhones and other foreign-branded devices for work or bringing them into the office, part of a broader effort to reduce reliance on foreign technology and enhance cybersecurity.
One day later, news broke that the government bans would be extended to government-backed agencies and state companies such as oil firm PetroChina, which employs millions of workers, Bloomberg reported.
Apple Incurs $200 Billion Loss in 2 Days as China's iPhone Bans Shakes Stock Market Confidence
Apple's $200 billion loss comes after news that China issued a ban of Apple iPhones.
Apple's $200 billion loss comes after news that China issued a ban of Apple iPhones.
