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According to recent reports, China is further pushing for its government officials to stop using iPhones. While the requests to stop iPhone use has been made by the government, employees haven’t been given a deadline to switch away from Apple’s smartphone.
D.A. Davidson analyst Tom Forte told Reuters the following about the iPhone ban:
“We believe the restrictions have the potential to slow Apple’s sales growth in China […] This could provide an additional challenge for the company, as its revenues from China have already been negatively impacted by a challenging macroeconomic environment in that country.”
Instead of using Apple’s products, the Chinese government is reportedly seeking for officials to use domestic smartphones. This would allow the government to better monitor its employees, as Apple’s iPhone privacy protections “make it difficult for anti-corruption officials to access and investigate suspects’ phones.”
What This Means for AAPL Stock
With these reports, Apple’s performance in China is going to be a major concern for investors. This could have a negative impact on the company’s future earnings reports. That means traders will want to watch how the company performs in the country in the coming year.
AAPL stock is up 1.2% as of Friday morning after going through dips earlier this week when the rumors first spread.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.