There are those who consider Tim Cook to be a financial genius, and he is an effective executive who made Apple one of the most successful companies. Almost every report of the company is an evidence of how its revenues are growing at a phenomenal rate, the company is making excellent money. But the reports were drawn in such a way as to hide the drop in iPhone sales.
Apple shareholders accused Tim Cook of intentional deception
This is the opinion of a number of Apple shareholders who accused Tim Cook of deceiving and fraudulently concealing the decline in demand for smartphones. And they are confident that the CEO of the company should be responsible for this. Therefore, shareholders and the UK’s main pension fund filed a lawsuit, claiming that Tim Cook misled many shareholders with his statement, which he made on November 1, 2018.
Then, speaking with analysts, when asked about the decline in iPhone sales in China, he said that “I would not put China in that category” And just a few days after Tim Cook’s speech, the company reduced the production of iPhones, and on January 2, 2019, announced a decrease in the forecast for the amount of quarterly revenue to $9 billion. As a reason for this step, Tim Cook said about the strained relations between the United States and China.
And this was the first time since 2007 that the recenue decline. The stock market reacted to this announcement by dropping the company’s shares by 10%; and reducing the company’s market value to $74 billion. For its part, the shareholders lost profits.
Gizchina News of the week
Apple and Tick Cook himself state that the plaintiffs have no evidence that they cheated or tried to mislead them. The judge said in his report that shareholders do have reason to claim that Tim Cook’s November 2018 statement was false and misleading.
iPhone 12 mini/Pro Max has more than 1.47 million reservations on JD.com
On October 14th, Apple officially released the iPhone 12 series. However, only the iPhone 12 and iPhone 12 Pro hit the market on October 23rd. The iPhone 12 mini and iPhone 12 Pro Max will be available in November. Pre-orders will start at 9 pm on the 6th and will be on sale on November 13. At present, JD’s appointments for iPhone 12 Pro Max and iPhone 12 mini are coming to an end.
According to reports, users have great enthusiasm for iPhone 12 Pro Max and iPhone 12 mini. Looking at the pre-order data from JD.com, the iPhone 12 Pro Max appointments hit 890,000. For the iPhone 12 mini, its reservations exceed 580,000. The total number of reservations for the two models exceeds 1.47 million.