Jim Cramer Slams Analysts Over 'Getting China Wrong About Apple For Two Decades:' 'That's Why I Am Always Trashing You!'
Portfolio Pulse from Benzinga Neuro
Jim Cramer criticized analysts on X for consistently misunderstanding Apple's (NASDAQ:AAPL) performance in China, highlighting their failure to accurately predict the market dynamics that led to Apple's recent underwhelming quarterly results. Apple's revenue fell to $90.75 billion for the quarter ending March 30, primarily due to a 10.5% drop in iPhone sales, with a significant 19.1% drop in China. Despite this, Apple CEO Tim Cook noted growth in iPhone sales in Mainland China.
May 03, 2024 | 11:16 am
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Apple's recent quarterly results showed a significant revenue drop to $90.75 billion, driven by a 10.5% decrease in iPhone sales, with a notable 19.1% decline in China. However, CEO Tim Cook highlighted growth in iPhone sales in Mainland China.
The significant revenue drop and decline in iPhone sales, particularly in China, suggest a negative short-term impact on Apple's stock price. However, the mention of growth in Mainland China by CEO Tim Cook might mitigate the impact slightly. The overall negative sentiment from the earnings report and the highlighted issues in the Chinese market are likely to weigh on investor sentiment in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100