Apple stock hits record after Chinese government data shows iPhone sales spike


Olde Hornet

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Apple stock hits record after Chinese government data shows iPhone sales spike


Apple’s iPhone sales in China rose more than 18% last month, according to CNBC calculations using government data published by the China Academy of Information and Communications Technology, a government think tank.

The news drove Apple stock up more than 2% Thursday, bringing the stock to a fresh all-time intraday high of $310.01, according to FactSet.

Apple shipped 3.2 million iPhones in China through December, according to the data, and that figure was up from 2.7 million units shipped in December 2018. China is a key growth area for Apple, which has struggled against low-cost phone makers that sell Android phones.

In Q1 2019 Apple reported revenue from China of $13.17 billion, down $5 billion from the same time period in 2018
 

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