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From: sms <scharf.steven@geemail.com>
Newsgroups: misc.phone.mobile.iphone
Subject: Re: apple reaches $490M settlement for fraud
Date: Sun, 17 Mar 2024 11:23:43 -0700
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On 3/17/2024 3:34 AM, badgolferman wrote:
> Apple has reached a $490 million settlement to resolve a class-action
> lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by
> concealing falling demand for iPhones in China.
> 
> It stemmed from Apple’s unexpected announcement on Jan. 2, 2019, that the
> iPhone maker would slash its quarterly revenue forecast by up to $9
> billion, blaming U.S.-China trade tensions.
> 
> Cook had told investors on an Nov. 1, 2018, analyst call that although
> Apple faced sales pressure in markets such as Brazil, India, Russia and
> Turkey, where currencies had weakened, “I would not put China in that
> category.”
> 
> Apple told suppliers a few days later to curb production.
> 
> The lowered revenue forecast was Apple’s first since the iPhone’s launch in
> 2007. Shares of Apple fell 10% the next day, wiping out $74 billion of
> market value.
> 
> Apple and its lawyers did not immediately respond to requests for comment
> on the ruling.
> 
> https://www.cnbc.com/2024/03/15/apple-reaches-490-million-settlement-over-tim-cooks-china-sales-comments-.html

What exactly did he say? Did he mean that the Chinese currency had not 
weakened (which was true) and did he mean the the iPhone faced sales 
pressure, but not because of the currency (also true)?

Apple has always faced sales pressure in China, for multiple reasons.

For a long time, there were no dual SIM iPhones, which greatly affected 
sales, then Apple began selling dual SIM iPhones only in China (which is 
still the case) but it happened very late.

There was the nationalistic issue regarding the U.S. in Huawei that 
negatively affected iPhone sales since Apple is a U.S. company.

There is still the issue of the iPhone App store versus the plethora of 
Android app stores, and the larger number of Chinese language apps for 
Android.

In China, the iPhone is considered a luxury item, along the line of 
Louis Vuitton bags and Hermès scarves. Regular Chinese citizens are more 
likely to buy a Xiamoi, OnePlus, or Oppo phone since their flagship 
models are better, in some ways, than the flagship iPhones.

Finally, iMessage has no appeal in China where everyone uses WeChat, and 
since most Chinese use Android devices where iMessage is not available.

-- 
“If you are not an expert on a subject, then your opinions about it 
really do matter less than the opinions of experts. It's not 
indoctrination nor elitism. It's just that you don't know as much as 
they do about the subject.”—Tin Foil Awards