China has reportedly banned iPhones for government officials

September 07, 2023 05:44 AM AEST | By Invezz

China has reportedly banned iPhones for government officials — Image source: Invezz

Analyst reacts to China news on CNBC

Anonymous sources told the Wall Street Journal today that superiors at the central government agencies have been informing staff to not even bring their iPhones to work anymore.

The report did say “foreign-branded devices” but did not particularly name any, other than the iPhone. On CNBC’s “The Exchange”, Bernstein analyst Toni Sacconaghi said today:

Apple does 20% of its business in China. Given how significant its presence is there, this is certainly going to give investors a pause.

Neither Apple Inc (NASDAQ:AAPL) nor China’s Ministry of Foreign Affairs has so far commented on the news. Shares of the multinational tech behemoth are down more than 4.0% following the WSJ report on Wednesday.

EU brought bad news to Apple today as well

A ban on iPhones is just another reflection of the ongoing Sino-U.S. tensions. In June, some of China’s government agencies disallowed Tesla vehicles from being parked in government compounds as well.

Also on Wednesday, the European Union also named Apple one of the “gatekeepers” under its Digital Markets Act. According to Bernstein’s Sacconaghi:

Question is whether Apple will be required to allow other app stores which could have financial implications. Although, I think those are more muted than consequences of weaker sales in China.

His “market perform” rating on the Nasdaq-listed firm that is expected to unveil an all-new iPhone 15 on September 12^th is coupled with a price objective of $195 – up less than 3.0% versus its previous close.

The post China has reportedly banned iPhones for government officials appeared first on Invezz.

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